Estate Administration Lawyer Luzerne County, PA
A Luzerne County, PA estate administration lawyer knows that there are many life events that should trigger a reevaluation of the estate plan you may have in place. One of those events is remarriage. Remarriage in the United States has become very popular. In fact, according to national statistics, four out of every 10 marriages has at least one partner who has been married before. In two out of every 10 marriages, both partners have had prior marriages. At Hoegen & Associates, P.C., we work with many couples who have decided to remarry, helping them revamp their estate plan in order to avoid legal issues later on, and ensuring everyone is protected.
What Will Spouses Receive if the Other Dies?
Even without a will in place, a spouse will automatically receive certain assets if the other spouse dies. For example, the surviving spouse will be entitled to a homestead dollar amount or use of a shared home upon the other spouse’s death. However, they are only entitled to what is referred to as an “elective share” of their dead spouse’s estate, usually between 30 to 50 percent. They are also entitled to ownership of collections, heirlooms, and personal items.
However, without a will in place, what the surviving spouse inherits may cause issues with any children the dead spouse had from prior relationships. This can cause a lot of resentment and anger.
A Luzerne County estate administration lawyer knows that failure to update an old will can also wreak havoc on relationships – and the dead spouse’s last wishes. This is why it is so important to make sure these legal documents are updated when remarriage is taking place.
Prenuptial Agreements and Wills
When one or both partners have assets that should go to children from a prior marriage or relationship, there are steps they can take to ensure these assets end up where they should. Having a solid estate plan in place, including a will that specifies which assets go to the children and/or a living trust that turns over to the children upon the parent’s death are key.
However, an additional option couples should consider is drawing up a prenuptial agreement before they get married that specifies where these assets go. Not only does it ensure the children will receive those assets, but it also brings the conversation right to the forefront so there is no misunderstanding about where the spouse wants these assets to go when they die. This avoids a messy, often ugly, legal battle and expensive probate process.
Contact an Estate Lawyer for More Information
If you would like to learn more about estate planning, call Hoegen & Associates, P.C. to schedule a free consultation with a skilled Luzerne County estate administration lawyer. We will help you plan and put into place the estate plan you envision for your loved ones when you are no longer here.
Understanding The Will Writing Process
Writing a will is an important step in ensuring that our wishes are clearly communicated and carried out after we’re gone. This process helps protect loved ones and assets, providing peace of mind for the future. For those unfamiliar with estate planning, the idea of drafting a will might seem overwhelming, but it is a straightforward task when approached methodically. A Luzerne County, PA estate administration lawyer can assist with ensuring that all necessary elements are included and properly executed.
Getting Started With Will Writing
Before writing a will, it’s helpful to begin by listing assets and considering how they should be distributed. This includes both tangible items, such as property and valuables, and intangible assets like savings accounts and investments. It’s important to be clear and specific to prevent any potential confusion or disputes down the road.
The next step involves selecting an executor. This individual will carry out the terms of the will, ensuring that assets are distributed according to the instructions provided. The executor should be someone trustworthy, responsible, and capable of managing the process after passing.
Key Decisions In The Process
A significant part of the will-writing process is deciding how to distribute assets among beneficiaries. This could include family members, friends, or charitable organizations. We should take the time to consider how best to divide assets to reflect our wishes while also minimizing the potential for disputes. For those with minor children, naming a guardian is another critical aspect. This ensures children are cared for by someone we trust in the event both parents are no longer able to do so.
Additionally, considering alternate plans for executors, guardians, or beneficiaries is a wise move. Circumstances can change over time, and having backup options helps ensure that all bases are covered, even if someone is unable to fulfill their designated role.
Finalizing And Updating The Will
Once the will is written, it’s crucial to have it signed and witnessed in accordance with local laws. This step formalizes the document and ensures its legality. A Luzerne County estate administration lawyer can confirm that everything complies with state requirements and that the document is legally sound.
After completing a will, it’s wise to review and update it periodically, especially after major life events such as marriage, the birth of a child, or a significant change in assets. Keeping the will up to date helps ensure that it always reflects current wishes and circumstances.
The Importance Of Regularly Reviewing And Maintaining Your Will
Writing a will is a critical part of estate planning that allows us to have control over how our assets are handled after we pass. By approaching the process with care and attention to detail, we can create a document that provides clarity and comfort for our loved ones. It’s helpful to consult with professionals during this process to ensure that the will is legally binding and accurate. Hoegen & Associates, P.C. have been offering solutions since 1971 and can assist with every step. If you’re ready to begin or need assistance updating your estate plans, contact a Luzerne County estate administration lawyer to get started today by scheduling your free consultation.
