While we try to be prepared for what life throws at us, it is particularly important to make sure our families are prepared to address our needs and requests in whatever situation may arise. This is especially important when dealing with what happens to your property when you pass under your Will. That’s why every so often, especially after big life changes or events, it’s a good idea to review your Will and make sure it is up to date.
Events that may affect your Will could include a new family member through marriage, birth or adoption or excluding an individual by divorce, disinheritance or death. The way you wish to distribute your estate may also be affected if it grows or declines throughout the years, or if you haven’t in the past specified where you desire certain assets be distributed. Thus, it is recommended you review your estate plan every 3-5 years.
Common assets that a Will may address are bank accounts, stocks, real estate, business property, such as patents and copyrights, and personal belongings, such as vehicles, collections and heirlooms. If you do not regularly check your Will, you may have acquired more belongings and assets or exchanged some items for others. If you don’t specify as to whom you want to receive a particular asset, those belongings could be forced into sale, lost or taken by someone else in the family.
If you don’t have a Will or you have not reviewed your Will in several years, contact us to discuss you Estate Planning needs. We are here to assist with reviewing your current Will, drafting of a new Will, and possibly creating or changing your Power of Attorneys and Living Wills.
Sher & Associates, P.C. is a law firm located in Kutztown PA that can assist you in any of the following areas: business law, real estate law, family law, equine law and estate planning. We assist many individuals, businesses and families in and around Fleetwood PA, Blandon PA, Topton PA, Hamburg PA and Oley PA.