August is National Make a Will Month.
I know, I know…these days there is a month for everything, right? In fact, August is National Immunization Month, National Panini Month, National Breastfeeding Month, National Water Quality Month, National Eye Exam Month, and on and on.
While all of these are important in their own way, I encourage you to actually take some time this month to think about the state of your estate plan.
Did you know that most people don’t have a will? Are you one of them? Many of my clients have put off the decision to make a will for months or even years by the time that they call my office for a consultation. You know it’s important. Why wait?
I previously explained why PA Residents need a will. The question is, what will happen to your cash, investments, real estate, and tangible personal property when you are no longer here? More importantly for parents, what will happen to you minor children? If you don’t create a will, then your affairs will be handled according to Pennsylvania law – not your wishes. Unfortunately, that is often not a good outcome.
By having a will drafted by a professional, you can ensure that your assets pass to individuals or charitable organizations of your choosing. You can also select guardians for your minor children, and set up trusts in the event that your heirs are too young or otherwise incapable of handling their inheritance at the time of your death.
Maybe most important of all, a valid Pennsylvania will can eliminate awkward, complicated, and expensive legal battles over issues like child custody and probate. The certainty that comes with a valid will is a priceless gift that you can give your family now.