Long & Long’s estate planning attorneys emphasize the importance of drafting a will and customizing a complete estate plan.
Do you have a will? Have you created an estate plan? If the answer is no, you could be leaving your loved ones behind with unintended problems during an already difficult time.
According to a recent article in The Wall Street Journal as of 2021, 54% of Americans reported that they do not have a will. Preparing and planning for the future can be a daunting task. Additionally, estate planning and the probate process can be very confusing so it seems most people are continuing to put off drafting a will.
In Pennsylvania, when you die without a will or other estate planning documents, such as a trust, intestate succession laws to come into play. Those laws dictate how your assets are distributed. You can avoid this by putting a plan in place so that your wishes are met.
You may also assume that if you have a spouse, a will is unnecessary because everything will automatically pass to your spouse. This is untrue. If spouses hold their assets jointly – or have beneficiary designations – then yes, those assets pass to the spouse as the surviving joint owner or beneficiary. However, if one spouse dies with probate assets, then depending on the situation some assets may pass to the parents of the deceased spouse.
With Pennsylvania having clear intestate succession laws, you may still think you do not need to worry about estate planning, but it is very important to understand that estate planning is much more than what is in your will. Estate planning should be an all-encompassing review and plan of your assets, goals and wishes.
Reach out to our experienced estate planning attorneys at Long & Long, LLC who will take the time to understand your goals and concerns to craft a complete custom estate plan to protect your legacy.
Call our office today at 724.834.9300 or fill out our contact form to start the process.