August is winding down and the calendar will soon flip; but did you know that August is National Make a Will month? Did you also know that estimates say 65-70% of American adults do not have ANY type of estate plan in place? The reasons vary why so many American adults have not had their estate planning documents written and many are unaware of the importance of having these documents in the first place.
In the five years that Blue Ink Notary has been serving residents of the Greater Reading, PA and surrounding areas, we have helped numerous families to execute their estate planning documents. Sadly, several of those were situations where it was almost too late - clients about to go in for open heart or some other major surgery, clients that have exhausted all medical options and have been placed on hospice care.
A last will & testament, along with a comprehensive estate plan are essential legal documents ALL adults should have in place as they play a massive role in ensuring your wishes are carried out and your assets are distributed as you would want them to be once you pass on.
Let's take a look at the top 10 reasons why it's important to have a last will & testament and a full estate plan:
Distribution of Assets - YOU should be the party dictating how you want your assets to be distributed to your beneficiaries. Without a will, the state will likely determine that for you and your heirs.
Guardianship - If you pass away and have minor children, your will allows you to assign a guardian (and a backup guardian if you desire) who will care for them.
Appointing an Executor - Creating your will allows you to appoint someone you trust to handle the administration of your estate. This could include settling any debts, paying taxes and distributing assets.
Avoiding Family Disputes - Disputes may arise among your family after you pass without a will. Arguments about who inherits what can be minimized with creating your will.
Taxes & Donations - Perhaps you have a favorite charitable cause or two you'd like to leave assets to. Your will can lay those wishes out while also potentially minimizing tax burdens to your beneficiaries.
Avoid Probate - A properly crafted estate plan can include documents and strategies to minimize the probate process which can last a year or more in some states and instances. It can also be a very costly process.
Planning for Incapacitation - Well designed estate plans will always include a living will and a durable power of attorney. These documents allow you to appoint someone to make medical and financial decisions for you should you ever become incapacitated.
Long-Term Care Planning - Should the time ever come where you cannot live on your own or your medical care needs are too great for a family member to handle, your estate plan can lay out your medical wishes and how to establish the proper care you desire.
Control & Privacy - An estate plan that includes a trust can keep your information more private as compared to a will, which becomes a public record once it has gone through the probate process. It also can give you more control over assets both while you are alive and also after you pass.
Business Succession - Do you own a business? Your estate plan can be written to include details for how you'd like to transition the ownership of your business to particular individuals or entities.
I hope this article gives you some basic food for thought as to why you should create your estate plan today if you are among those that do not have any such documents in place. Blue Ink Notary is your resource if you are not sure where to get started. Please note however, that I am not an attorney and cannot create any documents for you. I DO have a number of great attorneys and other resources I can guide you towards for you to figure out what makes sense for you.
And when your documents are ready to be signed, Blue Ink Notary will be ready and waiting to help you make sure that your documents are executed properly!
Blue Ink Notary, based in Greater Reading and serving Berks County as well as Lancaster, Montgomery, Chester, Lehigh, Schuylkill and Lebanon counties, has been helping numerous Pennsylvania residents and businesses get their documents notarized since 2019. I am generally available Monday through Friday from 9am to 5pm but am also available for emergency early morning, evening & weekend appointments to help you with your documents, so contact me any time with questions.
To discuss your notary needs:
📲 Call or text 484-509-1405
📩 Email brian@blueinknotarypa.com
🖥️ Visit online at blueinknotarypa.com and message us in our chat box in the lower right corner of your screen or visit the Contact Us page.
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