Philadelphia Will Lawyer
Unfortunately, death is a part of life and is a reality we all must appropriately prepare for. We all should determine who and what is important to us and make decisions concerning such in the event of our passing. A will is a legally-binding document that a lawyer can prepare for you which identifies who should inherit your property or care for your minor children should you die.
Benefits of a Will
A will protects the person the will is for (the testator), allowing them to transfer their estate to the chosen beneficiaries. Without a Will, a person dies intestate – meaning their property will follow applicable intestate rules. In this situation, a person without a will has no decision in how their property is devised.
Obviously, this is not what you want. You want to have a say as to what happens to your estate. With a will you can choose your beneficiaries and disinherit those you don’t want to receive anything. You can also ease the transition of the property and reduce the tax burdens on your estate.
Beyond property, a will can allow you to determine what will become of your minor children. Ensuring both the financial and physical well-being of your children alone should provide sufficient justification for forming a will as soon as possible.
A will protects your interests and those of your loved ones in the event such is necessary.
Requirements of a Will
A will is only effective if it meets certain requirements. If it fails, the deceased will pass as if they had died without a will at all. Therefore it is very important to retain a knowledgeable lawyer who will make sure everything is done correctly and ensure the will’s viability.
To be effective, the will must be written. This simply means it cannot be oral. In addition, the written will must be signed by the person the will is for. It also must be signed by two disinterested witnesses – who have no stake in the will as beneficiaries – who observe the person’s signature. Finally, the individual whom the will is for must be of “sound mind” when they sign the will. This means they must be able to think logically, without impairment by substance, disease, or deterioration.
Why do I Need a Lawyer?
A lawyer can prepare a document which sufficiently reflects your thoughts and is legally effective. By preparing the will and making sure all requirements are met, a lawyer can ensure that your will is effective. Hiring a lawyer for a will is the best thing you can do to protect your loved ones and your assets.
This content was written on behalf of Greg Prosmushkin.