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Posts tagged "Wills"

The pros and cons of digital wills

There is an app for almost everything these days and wills are no longer an exception. Some apps help people in Pennsylvania to write their wills, while others provide a location for safe storage. As CNBC points out, the problem with electronic storage is that heirs may not know it exists or could have a difficult time logging into cloud storage accounts to retrieve it.

Pennsylvania inheritance tax vs. estate tax

Estate planning is critical for anyone who has Pennsylvania assets, from banking and retirement accounts to cars, jewelry and other tangible items. If you do not have a will, the state divides the assets, which may not be according to your wishes. At Bononi & Company, P.C., our team of experienced attorneys often assists clients in opening an estate and other legal issues.

Three reasons why business owners need a will

If you own a small business in Greensburg, you likely have put a lot of thought into how to create and run your operation. However, one thing you should not neglect is planning what happens to your business if you should suddenly pass away. As Entreupenuer.com explains, it is important to compose a last will and testament early on before the unexpected occurs. While there are many important reasons for entrepreneurs to have a will ready, here are three important reasons any business owner should consider.

When should you revise your will?

There are many advantages when it comes to setting up a will, such as providing yourself with peace of mind knowing that your estate will be managed properly in the future and ensuring that are distributed among your loved ones as you wish. However, it may be necessary to revise your will at certain points in your life. We discussed how divorce can necessitate the revision of an estate plan, but there are other reasons why you may need to make changes to your will. For example, you may lose a family member or experience major financial changes.

Considerations for estate planning for entrepreneurs

An entrepreneur in Pennsylvania may find themselves facing conflicting urges when it comes to estate planning. While one might see a great future for their business, they may also want to give a large bequest to their children. In addition, an entrepreneur could be troubled by the thought that their child will eventually be in charge of the family business, especially if they have never shown much interest.

Creating an estate plan that family members understand

Some people in Pennsylvania who have a will might want to think about whether additional documentation could be useful in their estate plan. Wills and other estate planning documents can cause conflict between family members, but often this is because they do not understand the rationale behind the plan. However, there are ways to convey this rationale to loved ones.

Estate planning can help avoid confusion and pain

Estate planning in advance can help to prevent later problems and complications for Pennsylvania residents after they pass away. The death of a loved one can, all too frequently, be accompanied by bitter struggles over the estate. By developing wills, trusts and other documents earlier in their life, people can help to make sure that their assets will be passed on in a way that reflects their wishes. When there is no will left behind, people can be left to debate the disposition of an estate. Resolving these complexities can be particularly important in families where ongoing disputes over money, businesses or other issues are a factor.

Periodic review important for estate planning

Many people in Pennsylvania want to be assured that they have already taken care of their family and protected their assets through the creation of an estate plan. However, changes in one's life as well as legal changes may mean that a person's estate planning documents have become outdated. It is important to provide a regular review and examination of key items in order to ensure that they reflect a person's current wishes; experts advise a review after major life changes like marriage, divorce and the birth of children or grandchildren or every 10 years.

Plan for the unexpected

When developing an estate plan, it's important to consider all possible situations. Although joint tenancy with survivorship is suitable for many married couples, it doesn't address every case and may leave surviving spouses to deal with Westmoreland County probate or risk the property being transferred to the wrong person.

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