We all know that two things in life are certain: death and taxes. Although both topics are unpleasant to consider, the mortal taxpayer must confront them realistically. Good planning can ensure that your property goes to your loved ones with a minimum of hassle, and a minimum of taxation. Because the passing of inheritances by Will is one of the few things in life we can control after we have passed away, the legal system is very strict about making sure that when a person writes a Will, that person's wishes are carried out. Choosing whom you want to have your property after you are gone, and whom you want to administer your affairs, is a cherished right, and you can be confident that your wishes will be carried out when you have a Pennsylvania Will that has been professionally drafted by Wolf, Baldwin & Associates, P.C..
When drafting a Will in Pennsylvania, many factors must be taken into account. In general, a person is competent to draft a Will (in other words, a person has "testamentary capacity") if the person knows who she is, who the natural objects of her bounty are, and what she has to give away. A person does not even have to be able to sign her name to make out a valid PA Will, as long as she can clearly direct another to sign for her.
Once it is clear that you are competent to write your Last Will and Testament, the next matter to consider is where you want your property to go. You do not have to leave everything to your children, or even to your family. You may choose to leave everything to your favorite charity, or a family friend. However, when drafting a Pennsylvania Will, it is important to have professional legal advice to minimize the chances that the Will can be challenged by a disgruntled child or other family member. Wills drafted by PA lawyers have many safeguards built into them to ensure their accuracy, and therefore they enjoy a strong presumption of validity. It is much harder to challenge a Will drafted by a lawyer than a Will filled out on a preprinted free Will form or a Will drafted on the back of a napkin.
If you do want your children to inherit your estate, you may want to ensure that the children are adequately taken care of, even if they are still young. It may be wise for you to nominate a guardian of the person for the children, and a guardian of the estate of the children, so that you make your wishes clear. You might also want to set up a trust for the children, so that you can exercise even more control over how your money is spent long after you are gone. You might want to make sure that their education is provided for, or that they will have the money to be able make a down payment on a house, or that their medical needs are met. Professionally drafted estate planning documents can do all that, and more.
Depending on the size of your estate, there may be significant tax savings available to your beneficiaries if you plan appropriately today. The lawyers at Wolf, Baldwin & Associates, P.C. will not only consider your wishes in coming up with an estate plan, but we can also advise you of the tax consequences whenever we draft a Will or Trust. The Federal Estate Tax and the Pennsylvania Inheritance Tax are ever-changing. You need a law firm that is current on all the changes in the law. You need a lawyer who can explain all the possibilities to you. This level of detail in estate planning allows your beneficiaries to receive more from your assets.
Over the past thirty years, the lawyers of Wolf, Baldwin & Associates, P.C. have written thousands of Wills. Only one has ever been challenged, and that challenge did not stand up in court. We have counseled many of your friends and neighbors in Montgomery County, Berks County, and Chester County. Please consider the attorneys at Wolf, Baldwin & Associates, P.C. when you plan for the future. Remember, we strive for "Peace of Mind."
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The materials contained in this web site do not constitute legal advice, and contact with us through this web site does not establish an attorney-client relationship. The legal citations quoted in this web site may not be up-to-date. We provide these materials for general information purposes only. We make no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the information, whether contained on this web site or any other site to which we might link. No web site can substitute for the fully informed, reasoned judgment of a lawyer. You should not rely on any material contained in this web site - instead you should contact one of our attorneys for a full consultation.
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