|
ANSWERS ABOUT WILLSWhat is a Will? What is a Living Will? What is a Power of Attorney? What Happens if I Die Without a Will? Can I prepare my own Will? How Much Does a Will Cost? Can
I give Money or Property to a Charity? What
Happens if there are Children Under Eighteen Years of Age? Who Should I Appoint as Executor of my Estate or Guardian of my Children? What if I have a Live-in Companion or am Gay? A will is a document that disposes of your property when you die. You can change it any time before you die. Generally speaking, every person over the age of 18 should have a will to instruct his personal representative (Executor or Executrix) on what to do when you die.
Your will should do several things:
What is a Living Will? A Living Will is a written document that, in colloquial terms, allows someone to “pull the plug” if you are in a coma, state of permanent unconsciousness or otherwise disabled and there is no hope of recovery. Living Wills are now very popular since the Pennsylvania legislature has recognized their validity. To learn more about living wills, visit the Living Wills Information Page What is a Power of Attorney? A Power of Attorney is a written document that designates someone to handle your affairs. A Power of Attorney is popular for people who are elderly or who otherwise fear becoming incapacitated. What Happens if I Die Without a Will? Through what is called “intestacy”, Pennsylvania directs who gets what from your Estate. Without a will, someone you barely know or even dislike might get part or all your assets when you die. Can
I prepare my own Will? Sure. It has been my experience, however, that wills obtained over the Internet, from formbooks or which are otherwise “canned” cause nothing but trouble. I have often advised people: “Sure, go ahead and write your own will. You will save a few bucks initially. But when I or someone else handles the Estate, your Estate will be charged more money than if an attorney wrote the will initially. No will is so expensive that it will not save you money in the long run.” How
Much Does a Will Cost? Generally
speaking, a will is very inexpensive compared to the benefits. If you telephone
my offices I will give a “ballpark” price for a Will after
asking some basic questions. Obviously, if your Estate is substantial (generally speaking, over $650,000.00), a more complex Estate means a higher fee. You may also need a written estate plan that will get the right amount of assets to the right individuals or charities at the lowest possible tax or cost. Can
I give Money or Property to a Charity? Certainly. Make sure you know the exact name of the charity and what you want to give and we can put a gift into your will. What
Happens if there are Children Under Eighteen Years of Age? Barring any unusual circumstances, upon the death of a parent, children under 18 are subject to the control of the surviving parent, who has “custody of the person” of the child and “custody of the property” of the child. If no parent survives the child, someone else, a “guardian” has custody of the person and custody of the property of the child. Custody of the person generally means where the child lives, and under what conditions. A child under 18 cannot live where he or she wishes, and is subject to the control of an adult. Custody of the property of a child generally means making investments, paying bills and administering the assets of the child. A child under 18 does not have the right to do so. If you have
children under 18, you should nominate someone in your will to be the
guardian of the person and assets of your child. If
you don’t the Court will appoint someone to do so. Who Should I Appoint as Executor of my Estate or Guardian of my Children? Someone you trust and who you
know will do a good job. Obviously, if that person will take care of
your child and your assets until that child turns 18, you should discuss
many things well in advance. What if I have a Live-in Companion or am Gay? If you have a live-in companion or are gay, it is probably even more important to have a Will. If you die without a Will, your companion or partner will not get your assets. Depending on circumstances, your property (including your house) will go to your heirs, who might be your children, your parents, or maybe even brothers and sisters or cousins. If there is hostility between those relatives and your companion, they can virtually throw your companion out of the house overnight. Under those circumstances, it is almost always a disaster to die with a Will. For more detailed answers on these
|
|
|
