Life is unpredictable, and must be planned for. At Antanavage Farbiarz, we find it necessary to create a living will. After a living will is created, maintaining it should be done yearly.
Your living will may seem like a morbid document. After all, you’re taking precautions for when you pass, but we deem it a necessity. These wills allow family to have peace of mind once a loved one has passed. To start, a living will is the document responsible for distribution of wealth in the time of person’s passing. As TV would make you think it’s your final words. The document explains how you “will” want your property, assets, and wealth to loved ones. A will ensures heirlooms stay in the family.
When writing a will you create parameters for which items go where. Once established you may feel the work is complete, but that is not the case. Every year comes with new issues. Perhaps a family member is having a divorce, widowed, or having children. These affect how you want your living will emulated. Antanavage Farbiarz recommends an upkeep every year depending on any life-altering events. The upkeep on the document will stop possessions from being passed to someone no longer in your life.
Assets you can distribute in your living will are: stocks and bonds, real estate, bank accounts, and personal belongings. Assets are miscellaneous and can be tricky to maintain. All of these changes must be accounted for or the items could go into limbo. Antanavage Farbiarz encourages those to be prepared, and see our firm for a living will. You never know when it’s needed until it’s too late. Don’t wait, because creating a living will is essential. The document is law-binding and can be revised anytime. Estate planning should be a focus for anyone who wants to distribute possessions to loved ones.
Contact us through or website today, or our phone (610) 562-2000 for any questions regarding and maintaining a living will.