5 Benefits of Having a Will vs. Dying Intestate
The future is uncertain and while you may not know how it unfolds, it is important to plan for it nonetheless. One of the best things you can do to secure the future of your loved ones in the state of Pennsylvania is to create a will.
Expert estate planning and will attorneys from the Law Offices of Robert E. O’Connor, P.C. in Media, PA can help you create a comprehensive will for your estate.
A will is simply a legal document that states your wishes for the distribution of your estate after you pass away. In contrast, dying intestate means dying without a valid will in place.
Let’s discuss the benefits of having a will vs. dying intestate.
Control Over Distribution of Estate
The most significant benefit of having a will is that you retain control over the distribution of your assets after your passing. With a will, you can specify who gets what from your assets, and how much they get.
Without a will, Pennsylvania’s intestacy laws will determine how your assets are distributed. In most cases, this means that your assets may not go to the people you would have chosen, but instead to your closest living relatives, regardless of your preferences.
Avoid Family Disputes
Having a will can help to avoid family disputes after you pass away. Without a will, family members may fight over who gets what, leading to lengthy legal battles. A will can help to clarify your wishes and prevent disputes from arising in the first place.
Moreover, you can name an executor in your will, who is responsible for managing the distribution of your assets, which can help prevent conflicts among family members as well.
Protect Your Children/Pets
If you have minor children, having a will can ensure that they are taken care of after you pass away. You can appoint a guardian for your children in your will, which means that you get to choose who will take care of them.
Unfortunately, pets are considered property by law, but you can transfer their ownership and care in your will to someone you trust.
Without a will, the court will decide who will be the guardian of your children and the owner of your pets. This can lead to a stressful and uncertain situation for your children, pets, and any loved ones involved.
Minimize Taxes & Fees
One of the key benefits of having a will vs. dying intestate is that it can help to minimize the taxes that your estate will have to pay. Your executor can use strategies like gifting and setting up trusts to reduce the tax burden on your estate.
Conversely, if you do not have a will, your estate may have to pay more in taxes and fees than necessary, reducing the amount or value that goes to your loved ones.
Gain Peace of Mind
Perhaps the most important benefit of having a will vs dying intestate is that a will can give you and your loved ones peace of mind. Knowing that your wishes will be carried out after you pass away can be a great comfort for anyone.
It can also help your loved ones avoid the stress and uncertainty that comes with dying intestate. Dying without a will can cause confusion and stress for your loved ones, as they struggle to understand your preferences and navigate the legal process of distributing your estate.
Having a will or estate planning is an essential part of planning for the future. Not only do you have control over the distribution of estate, but you also get to avoid family disputes, protect your children and pets, and minimize taxes and fees.
It gives you peace of mind, knowing that you won’t die intestate. Therefore, the benefits of having a will far outweigh dying intestate in Pennsylvania, as it does in almost every other state.
Of course, it is crucial to consult with an attorney to draft a will that reflects your wishes and needs, ensuring that your loved ones are taken care of after you pass away.
We highly recommend consulting a professional will attorney at the Law Offices of Robert E. O’Connor, P.C. in Media, PA. His team of professional and estate planning experts can help you secure the future of your estate and loved ones.
If you want to learn more about intestacy laws in Pennsylvania, or about the most reputable will attorneys and estate planning in Media, PA, please visit our website today.