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635 E. High Street | P.O. Box 657 | Pottstown, Pennsylvania 19464
Many people do not have a will for various reasons. Some people have difficulty thinking about death, and therefore, do not spend time thinking about what will happen to their money and possessions following death. Some people only think about having a will after they have children. Others have extended family and find it too complicated to figure out who will get what, so they do nothing. Although it may take some time to create an estate plan for purposes of a will, it is well worth the time to do so for a number of reasons.1. You decide how to distribute your assets. If you do not have a will, your assets will be distributed under the intestate law of the state where you reside at the time of your death. This method of distribution may or may not be in accordance with your wishes. One exception to this occurs where you have named a beneficiary of a particular asset, such as a retirement plan or life insurance policy. 2. You choose your personal representative to handle your estate during probate. If you do not appoint the personal representative in a will, the appointment will be made in accordance with the law of the state in which you reside at the time of your death. Most people know a friend or family member who is best capable of managing his/her estate, and best fitted for this fiduciary position. 3. If you have a child, you choose a caring guardian for your minor child and a responsible person or organization to administer the estate for your child. Who is in a better position than you to know who is best suited to care for your child (Guardian of the person) and to manage his/her money (Guardian of the Assets or Trustee), which may not necessarily be the same person. These different roles can be handled by the same person or different people.Depending on the size of your estate, it is sometimes advisable to consider a financial institution to act as the Guardian of the Assets or Trustee. These are just a few key reasons to have a will. Please call our office if you have any questions or would like to make an appointment to discuss a will.Dawn E. Miller Medvesky Disclaimer: The information contained in this article is not intended to be legal advice since it is very general in nature. No attorney-client relationship between any attorney of this firm and anyone who reads this article is being created by providing this information. |
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