There’s a reason so many of us fail to write a living will while we’re still alive. Considering our own death can be a terrifying thing. But if you’re reading this article, there’s a good chance that you’ve already made the decision to do the right thing while you’re still physically and mentally able to do so.
Should the unthinkable happen, a properly written will can ensure that your estate’s assets end up not in the hands of the state, but with whomever you think is most deserving or responsible.
Before sitting down to write this most important of documents, however, there are a few crucial questions you should ask yourself when drafting wills and trusts in Bucks Country.
Feel free to think long and hard about the answers before committing your assets to the family members, friends or associates you would most like to see own them once you’re gone.
How Should I Organize My Assets and Beneficiaries?
Before you begin documenting the intentions of your will, you’ll want to ensure that the process is as organized as possible. Use a spreadsheet to make a list of anyone who may be receiving a portion of your estate: your children, your spouse, and other relatives, for instance. You’ll also want to use a spreadsheet to document any aspect of your estate that you’ll be mentioning in your will. For most people this includes real estate ownings, valuable personal property such as jewelry or automobiles, and financial assets.
Don’t forget to include account numbers for any financial accounts. You should also record where any physical assets can be found. Be as clear as possible when specifying individual bequests. And remember than when specifying financial gifts, it’s usually easier to offer them in the form of a fixed sum than as a percentage of your total assets. Ask your lawyer for an estate planning questionnaire, which records the types, values, and beneficiaries of each asset.
How Can I Be Sure My Desires Will Be Properly Followed?
Although different states tend to have slightly different laws where wills are concerned, for the most part there are three different but very important roles that come into play—an executor, a trustee, and a guardian—when it comes time to execute the desires of your will.
- An executor is responsible for administering your estate’s settlement; he or she is appointed by a court, and essentially closes any business conducted during your lifetime.
- A trustee manages your assets, often by investing them, before distributing them to the beneficiaries you’ve named in your will.
- And finally, if your children are still minors when you die, a guardian is the person who will be responsible for raising them.
Choosing the right person to act as executor and trustee of your will is obviously very important. You’ll want to make sure they understand the responsibilities of each role clearly.
Will My Heirs Be Responsible for Inheritance Tax?
No one wants to saddle their heirs with surprise debt. But because the intricacies of inheritance tax laws tend to vary from state to state (and because federal tax law changes with some frequency), this is one area you’ll want to make sure your lawyer explains to you in as much detail as possible.
Generally, spouses won’t be responsible for paying federal tax on any assets. Federal law also allows a certain amount of money to be given as a gift per year, per person, without incurring gift taxes, so you’ll want to make sure you know what that number is when you write your will. Known as the annual exclusion, this annual amount is currently $14,000.
You still may have other questions about writing wills and trusts in Bucks County, which is why it’s important to consult with an attorney who stays current on estate law.
At the Doylestown-based law firm of Penglase & Benson, we’re proud of the way we’ve helped to remove the stress and frustration of writing wills for our clients.
To schedule an initial consultation, simply call us today at 215-348-4416, visit our offices near the Bucks County Courthouse or complete our online contact form. Because here’s the bottom line: Your will and trust is much too important a document to put off for even one more day.
There’s a reason so many of us fail to write a living will while we’re still alive. Considering our own death can be a terrifying thing. But if you’re reading this article, there’s a good chance that you’ve already made the decision to do the right thing while you’re still physically and mentally able to do so.
Should the unthinkable happen, a properly written will can ensure that your estate’s assets end up not in the hands of the state, but with whomever you think is most deserving or responsible.
Before sitting down to write this most important of documents, however, there are a few crucial questions you should ask yourself when drafting wills and trusts in Bucks Country.
Feel free to think long and hard about the answers before committing your assets to the family members, friends or associates you would most like to see own them once you’re gone.
How Should I Organize My Assets and Beneficiaries?
Before you begin documenting the intentions of your will, you’ll want to ensure that the process is as organized as possible. Use a spreadsheet to make a list of anyone who may be receiving a portion of your estate: your children, your spouse, and other relatives, for instance. You’ll also want to use a spreadsheet to document any aspect of your estate that you’ll be mentioning in your will. For most people this includes real estate ownings, valuable personal property such as jewelry or automobiles, and financial assets.
Don’t forget to include account numbers for any financial accounts. You should also record where any physical assets can be found. Be as clear as possible when specifying individual bequests. And remember than when specifying financial gifts, it’s usually easier to offer them in the form of a fixed sum than as a percentage of your total assets. Ask your lawyer for an estate planning questionnaire, which records the types, values, and beneficiaries of each asset.
How Can I Be Sure My Desires Will Be Properly Followed?
Although different states tend to have slightly different laws where wills are concerned, for the most part there are three different but very important roles that come into play—an executor, a trustee, and a guardian—when it comes time to execute the desires of your will.
- An executor is responsible for administering your estate’s settlement; he or she is appointed by a court, and essentially closes any business conducted during your lifetime.
- A trustee manages your assets, often by investing them, before distributing them to the beneficiaries you’ve named in your will.
- And finally, if your children are still minors when you die, a guardian is the person who will be responsible for raising them.
Choosing the right person to act as executor and trustee of your will is obviously very important. You’ll want to make sure they understand the responsibilities of each role clearly.
Will My Heirs Be Responsible for Inheritance Tax?
No one wants to saddle their heirs with surprise debt. But because the intricacies of inheritance tax laws tend to vary from state to state (and because federal tax law changes with some frequency), this is one area you’ll want to make sure your lawyer explains to you in as much detail as possible.
Generally, spouses won’t be responsible for paying federal tax on any assets. Federal law also allows a certain amount of money to be given as a gift per year, per person, without incurring gift taxes, so you’ll want to make sure you know what that number is when you write your will. Known as the annual exclusion, this annual amount is currently $14,000.
You still may have other questions about writing wills and trusts in Bucks County, which is why it’s important to consult with an attorney who stays current on estate law.
At the Doylestown-based law firm of Penglase & Benson, we’re proud of the way we’ve helped to remove the stress and frustration of writing wills for our clients.
To schedule an initial consultation, simply call us today at 215-348-4416, visit our offices near the Bucks County Courthouse or complete our online contact form. Because here’s the bottom line: Your will and trust is much too important a document to put off for even one more day.
