It is never too early to create a will
In Bucks County, a Last Will & Testament sets forth how probate assets will be distributed. This document will be relied upon by the executor in ensuring that these final wishes and distributions are handled correctly. A will controls what happens with probate assets, but there are also non-probate assets and taxes to consider during the estate planning process.
Non-probate assets include assets of the Decedent with beneficiary designations, assets owned by trusts, or joint assets to name a few. An estate attorney will sort and categorize which assets should be included in the will and directions for proper distribution.
Choosing an executor is another decision to strongly consider before finalizing and signing a will. Even if you have someone in mind, a Bucks County estate lawyer can explain what will be expected of the executor and help you feel confident with your choice. An estate lawyer can also determine or confirm whether or not the signer of the will has testamentary capacity. Testamentary capacity is whether or not the signer is legally capable of understanding the contents of the document.
An experienced estate lawyer will also explain and optimize a will for tax consequences. Often, DIY cases or mistakes can lead to costly oversights when it comes time to pay Pennsylvania Inheritance Tax, Federal Estate Tax and more. Our Bucks County estate lawyers can help you understand the amounts, applicability, or other options for mitigating tax consequences. Contact our office today by calling (215) 486-8171 or submitting an online inquiry form for more information and to schedule a consultation with a Doylestown estate lawyer.