Humans love to plan, looking ahead to everything from vacations, work commitments and dinner reservations to family gatherings, weekends with friends and dates with significant others. We plan weddings, birthday parties, graduations and anniversaries. But what about the ultimate inevitability?
“People tend to delay critical end-of-life planning,” says Carrie Woody, an estate-planning attorney based in Media. “Writing a will requires thinking out and planning for some very emotional decisions. People need guidance when making these very difficult decisions—and unless they’re ill, they don’t spend time making plans.”
Drafting a will forces us to confront our own mortality. Some of us are avoiding tough conversations—or we may still be smarting from past experiences with attorneys. For others, cost may be a deterrent. But don’t be fooled. “The cost of not having a will is far higher to your loved ones and your legacy,” says Woody.
But how early is too early? Woody says the process should start when you’re a young adult, before marriage and kids enter the picture. That way, you have the appropriate documents to last a lifetime. A will is also critical for new parents. “As soon as you have a child, you and your partner should choose who will be the guardian if you both pass away before the child turns 18,” she says.
If you don’t have a ton of money, do you need a will? The obvious answer is yes—but the numbers don’t matter. “The need for a will doesn’t depend on the value of a person’s assets,” says Denise M. Antonelli, an attorney with Gawthrop Greenwood in Chester County. “It’s about being able to state your wishes about what happens after you die. That applies to everyone, regardless of their net worth.”
The process isn’t as daunting as you might think. Woody sits down with her clients to discuss their assets, intended beneficiaries, goals and any potential complications. “It’s a simple process,” she says.
Stacey Willits McConnell’s clients fill out a worksheet. After a call to review, she prepares the necessary documents. “It can be done quite quickly,” says the attorney with Lamb McErlane in West Chester. “Once they start, [they realize] it’s not as difficult as they thought.”
Without proper estate planning, you’re at the mercy of the state. Pennsylvania law will determine the distribution of assets, and that can cause a great deal of anguish among family members. “Making a will helps your family by making the process of settling your estate simpler,” McConnell says. “It’s less likely to cause family strife because your wishes are clear.”
As you might expect, federal and state taxes accompany the transfer of an estate valued over a certain threshold. Pennsylvania imposes an inheritance tax, with direct descendants paying a lower rate than more distant relations or nonrelatives. An attorney guides clients through what that means for beneficiaries.
“The cost of not having a will is far higher to your loved ones and your legacy.”
—Attorney Carrie Woody
“Making a will help your family by making the process of settling your estate simple. It’s less likely to cause family strife because your wishes are clear.”
—Attorney Stacey Willits McConnell
Funeral arrangements are also part of a will, which can be a major relief for surviving family members. And it’s important to check in with your attorney every three to five years. Acquiring new assets could significantly impact a will’s provisions, as can major life events like marriage, divorce or the birth of a child. “Estate planning helps clarify direction for loved ones, so everything goes smoothly when your family needs it most,” says Woody.
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