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As of May 29, 2020, Dauphin County, where our office is located, has moved from Red to Yellow status. Our office will re-open on June 1, 2020. Until further notice, Stay Safe Guidelines will be followed, including safe social distancing (6 feet), cleaning after each client and the wearing of masks by employees and clients at all times while in our office. People who are ill and those without masks will not be permitted entry into our office.

The myths and taboos of preparing a will

Estate planning is an opportunity to begin a new life. People rely on each of us to some degree, but you decide how much you assist others when you pass on. Your assets in Pennsylvania get used only as you tell your trustee to use them. There are some taboos about preparing a will, however, so keep reading for complete answers to your questions.

Will I forfeit my assets?

Preparing a will can provide financial resources to prevent you from having to declare bankruptcy in the future. No one can predict future events with complete accuracy. A will includes legal documents that account for all the assets you own now. Stocks and bonds are commonly used to build trust funds that manage future uncertainty for you.

Do I have to share my retirement savings?

Wills that include trusts and other funding provide for your family instead of your retirement money. A trust is even tax-deferred for as long as your beneficiary does not have legal control of it. Life insurance proceeds also fall under the assets you can entrust being given to any beneficiary you named for its release.

Do I need a will?

Estate planning is only effective with a proper will, and you have the freedom to write its specific conditions. A key determination in deciding to write a will is its financial benefit to your future beneficiaries. Some clients, for example, avoid using a will when accounting for a joint-tenancy property. Such properties cannot be instated to others via a will.

Your future begins now

Approaching your will as a financial strategy gives you an advantage. Yes, there are legal reasons to state how you want your assets to be managed. When family comes into the equation, however, their futures must be funded. Writing up a will and testament is a process of strategizing with a legal professional. The biggest misconceptions that clients tend to have come from not asking their attorneys more questions.