Writing a will is a necessity if you want to protect your assets. You may be putting this task off for various reasons. But the truth is that everyone can benefit from creating a will. Here at Cook & Associates, we help clients from all walks of life achieve peace of mind by creating wills and estate plans.
If you do not have a will yet, you are actually part of the majority of Americans. According to AARP, 6 in 10 adults in the United States do not have wills. One of the top reasons why so many Americans do not have wills is because they believe they do not have enough assets to warrant it. But estate planning is beneficial to everyone, from the young and poor to the old and rich.
Even if you do not have significant assets, writing a will allows you to decide how they will be distributed. If you die without a will, Pennsylvania’s Intestate Succession laws will determine who gets what. You also get to choose who you want to handle your estate once you die, including paying taxes, distributing assets and contacting creditors. Having a will also reduce the likelihood that your beneficiaries will fight over your estate. If you clearly communicate your wishes in a legally enforceable will, it may deter heirs from fighting and pursuing legal claims.
There are many other advantages to implementing a will, including naming a guardian for minor children and avoiding estate taxes. You can learn more about estate planning on our webpage about wills and trusts.