Paoli Pa Last Wills Lawyers

Paoli Pa Last Wills Lawyers – Intro

A Philadelphia Pa Last Will is essential at every stage of your life, providing you with the opportunity to distribute your property, establish care for your children and otherwise express your wishes for what will happen upon your death.

A Pa Last Will is necessary if you intend to leave property to someone who is not your blood relative, e.g., a domestic partner, a friend or a charity.

If you die without a Last Will, the court determines how your property is distributed, who cares for your children and even what happens to your beloved pet — and the decisions the court makes might not reflect your desires

Paoli Pa Last Wills Lawyers – Validity

Pa Last Wills are not difficult to execute, but simple mistakes can render them invalid in whole or in part. Essential elements of a valid will include:

• Intent — The testator must intend that the document created be a last will and testament at the time it is created. Therefore, the testator must have capacity, meaning sound mind and comprehension, and the testator must create the will voluntarily, without coercion, compulsion or undue influence.
• Proper execution — A traditional will is written, signed by the testator and either affirmed by a disinterested witness or a self-proving affidavit. A disinterested witness is one who does not stand to gain by the execution of the will. An example of a self-proving affidavit is a holographic will, which is written with the testator’s own hand, and proven by handwriting analysis. Modern technology also allows for holographic wills made with video recording devices.
• Clear language — A statement within a will which is confusing or open to various interpretations can invalidate all or part of the will.

An error in the execution of your will can cause confusion in the court and rancor among your heirs. To make sure that your wishes can be carried out, let John B. Whalen, Jr. Esq. draft a valid Pa Last Will.

Paoli Pa Last Wills Lawyers – Purposes

A Last Will grants your Executor (Fiduciary) the ability to administer your Estate at your death.

Paoli Pa Last Wills Lawyers – Fiduciary Traits

Your Pa Executor (Fiduciary) under your Pa Last Will should be:

• able and willing, first and foremost.
• honest and diplomatic

Paoli Pa Last Wills Lawyers – Common Misconceptions

The most common misconception that surrounds a Last Will is the process called Pa Probate and the seemingly universal assumption that it should be avoided at all costs.

Virtually to the contrary, the word Probate is merely the Latin infinitive verb that means to prove.

Although some states do have onerous probate procedures (where the avoidance of probate may be a prudent strategy), Pennsylvania does not. In fact, probating your Last Will in Pennsylvania is very simple.

Another very common misconception that surrounds a Pa Last Will is that it disposes of all of your assets at your death. Again, and virtually to the contrary, is the fact that your Pa Last Will only disposes of your assets: that are owned in your name alone and/or that have no beneficiary designations.

Consequently, items owned jointly with another, such as joint bank accounts, will be controlled by property law (and not by the laws governing Last Wills), and will pass to those joint owner(s) at your death. Items that have individual beneficiary designations, such as life insurance policies, will be controlled by contract law (and not by the laws governing Last Wills), and will pass to those individual designated beneficiaries at your death.

Paoli Pa Last Wills Lawyers – Reviewing and Changing

As your life unfolds, your circumstances change and your concerns may shift.

To remain current, you should review and update your will every three to five years. I review your will in light of your current finances, marital status and family situation.

Paoli Pa Last Wills Lawyers – Appointing A Pa Guardian

Your Philadelphia Pa Last Will allows you to make contingency plans for the care of your minor children. This is especially crucial if you are a single parent, but married couples must also consider the remote possibility of death in a common accident. If you have not named a guardian for your children, the court appoints one, who may make decisions contrary to your wishes. In your will, you can also make arrangements for the care of your pets, naming a guardian to take responsibility for them.

Paoli Pa Last Wills Lawyers – Tax Intensive

• It will begin with Estate Planning
• It will continue with the Will’s vital tax clause
• It will impact the client’s Asset Titles
• It will extend through Probate
• It will impact the beneficiaries tax obligations 
• It may resolve through the Estate Administration 
• It can extend far beyond the Estate’s conclusion

Paoli Pa Last Wills Lawyers – Tax Returns required in Pa are:

• The Pa Inheritance Tax Return 
• The Federal Estate Tax Return (depending) 
• The Decedent’s final Federal Income Tax Return 
• The Decedent’s final Pennsylvania Income Tax Return 
• The Estate’s Federal Fiduciary Income Tax Return(s) 
• The Estate’s Pennsylvania Income Tax Return(s)

Paoli Pa Last Wills Lawyers – An Optimal Plan

Drafting an effective will is more involved than drafting a valid will. John B. Whalen, Jr. Esq. works closely with you to identify your legacy goals and advise you on the best means to achieve them. Sometimes, this means conveying assets via a will. At other times, disposing of assets via a will triggers estate taxes, sharply diminishing the value of the bequest. Often, when discussing financial and real estate assets, I uncover liability exposure that raises doubts about whether those assets could survive even a short run of bad luck. It is then that I discuss the need for a comprehensive estate plan, including a variety of trusts, that can protect your wealth for enjoyment during retirement, then transfer it seamlessly to your heirs without estate tax issues.

John B. Whalen, Jr., JD., LL.M., is an AV Peer Review Rated Preeminent 5.0 and Avvo Rated 10.0 Superb (obtaining over 95 client reviews and peer endorsements) premier and prestigious Attorney and Counselor at Law. He is located at 8 Longwood Drive Wayne Pa 19087. He serves all surrounding counties, on all 7 days, from 9:00 AM to 10:00 PM, and on evenings, weekends, and holidays. He provides free initial consults all seven days, provides home visits, and provides flat fee structures. He can be reached by email at jw60297@me.com, and by telephone at 1-610-999-2157. He has amassed over 60 prestigious and premier professional awards and over 5000 client reviews and endorsements. Mr. Whalen has achieved the AV Peer Review Rated Preeminent award from Martindale, AV Peer Judicial Preeminent award, the Avvo Rated Superb 10.00 award, the Avvo Rated Top Lawyer award, the Clients’ Choice Award, and the Top One Percent (1%) award. He is the recipient of the Legum Magister Post-Doctorate Degree (LL.M.) in Taxation (from the Villanova University School of Law), a recipient of the American Jurisprudence Award in Wills, Trusts, and Estates (from the Widener University School of Law), and a recipient of the ABA-BNA Law Award for Academic Excellence (from the Widener University School of Law).