Why a will is important in estate planning

Many residents of Chester, Pennsylvania, are well aware that life is full of uncertainties. Disasters and catastrophes may strike at any time. A person will inevitably grow old and may pass away from illness. People with accumulated assets, especially those who have young children, generally want the family to be financially secure when his or her time comes. Unfortunately, some people are not able to make an estate plan before they pass away. As a result, the heirs are left with problems instead of assets.

In fact, experts say that a will is one thing that people often put off. Numbers show that less than 35 percent of people have a will. Approximately 75 percent of parents with minor children have not done the estate planning that could secure their children if something unfortunate should occur to both parents.

Readers should remember that when they have children, they need to plan for their well-being. They should at least have a will that names guardians for their children if something happens. They may also establish a trust for their children when they are still minors so that there is someone who will handle the finances in their absence. Of course, parents should name someone in their will to act as a trustee.

An estate plan is a legal instrument that can set residents of Chester, Pennsylvania, free from the haunting thought of leaving their loved ones in a sorry financial state. However, readers should take into account that an estate plan requires thorough planning and a lot of modification. The more complicated a person’s life is, the more complicated his or her planning may be.

That is why it might be a wise decision for a resident of Chester, Pennsylvania, who is having estate plan and administration problems to consult a legal professional. The legal professional may be able to help arrange an estate plan that will ease the burden of the executors and ensure the interests of the residents’ heirs.

Source: CBS Local, “Where There’s A Will There’s A Way!,” Dee Lee, Aug. 29, 2013