The Importance of a Will - Michael P. Halcovage, Esquire

Michael P. Halcovage, Esquire
240 Sunbury Street, Minersville, Pennsylvania 17954 (570) 544-4567

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The Importance of a Will
Why have a will and other estate planning documents?

Through a will or living trust, you can:

Ensure your property is distributed according to your wishes. Without a will or living trust, your property will be distributed according to the laws of your state.
Save on taxes and probate costs. Estate planning can make more money available to loved ones.
Protect your loved ones by designating who will care for your minor children. Without such designation, a court will do so.
Remember friends. If you're single, you may wish to leave property to people who have rewarded you with friendship.
Contribute to charities and other institutions. A college or university may have had a significant impact on your life. A church might have provided spiritual support. You can honor them through a contribution made through your will or living trust.

What is a will?
A will is a legal document in which you give instructions on:

How your assets will be distributed following your death; and
How any debts will be repaid following your death.

In your will, you name an individual, (known as an executor), as a representative to carry out your wishes. Your chosen representative transfers your property to the people you have designated and pays off any debts under the supervision of the probate court.

What is a living trust?

A living trust is a document in which you designate the people who get your property after your death. It can be an important tool that allows you to continue to enjoy the use of your property during your life and avoid the necessity of a probate procedure for the distribution of your property after death.

As part of setting up a living trust, you must create a trust and transfer your real estate and other property into it. It is customary to name yourself as the trustee of the trust so that you still control the property. You also name another person as the successor trustee. The successor trustee transfers, after your death, the property to the people you designate.

A living trust is a separate document from a will. The foregoing explanation is a simplified way of explaining a living trust and you should consult an attorney licensed to practice in your state for more details.

If you have a will or a living trust, when you should update them?

If you have a will or living trust, you should update it if you have experienced major life changes, including:

Having children
Getting married or divorced
Death of a close family member
Acquiring a large asset

What is a Durable Power of Attorney (DPOA)?

Under a DPOA, you designate someone to act on your behalf if you are incapable of doing so. The DPOA continues to be valid even if you are incapable of making decisions or become disabled. The DPOA must be created while you are competent. In other words, you must be capable of understanding the nature and extent of the document at the time you sign it.

What are advance medical directives, living wills, and
health care powers of attorney?

These documents vary in name and effect depending on the state in which you live. In general, they allow you to:

Express your decision about whether you wish your physician to withhold life-prolonging procedures if you have a terminal medical condition or will die imminently; and
Designate someone to make medical decisions on your behalf in case you are incapable of doing so.

Please note, the law governing these documents differs from state to state. Consult an attorney licensed to practice in your state for more details.

For more information contact Michael P. Halcovage, Esquire
at (570) 544-4567

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