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Parents can protect their children and assets by preparing a will

| Nov 8, 2019 | Estate Planning |

The idea of dying is not something that most Pennsylvania residents like to consider. However, not making plans for what will happen after a person’s death could have serious consequences. This is especially true for parents, considering the fact that if a parent does not name who they would like their children’s guardian to be, the children could be placed in foster care. Clearly laying out who will receive specific assets can prevent a lot of conflict.

It is necessary for a person to plan for every scenario. This includes determining who will get specific assets and when they will receive them. This will help to ensure that the assets are handled in a responsible way.

Parents first need to name whom they will appoint as the guardian of their children. They should also be familiar with rules that apply to minors when it comes to the ownership of property. If a person has young children and leaves property to their children, someone will have control over that property until the child turns 18. An important part of making sure that children receive assets involves setting up trusts. This protects the assets until the children will be able to handle them on their own.

As a person considers what they would like to have happen with their assets upon their death, they can jot down some of their ideas. However, the last thing they want to do is prepare the will on their own. An attorney may help an individual create a will that is legally binding. The attorney may also be able to provide information about wealth protection, distribution of assets, asset valuation and other matters that relate to estate planning and creating a valid will.