A will, also called a “last will and testament," is a legal document that specifies a person's wishes for asset distribution after death. Without a will, a person would die " intestate," and their assets would pass to others according to state law.
This section provides information on how to create a will, why you need one, the types of wills, and what to do when there is an issue with an existing will.
Executing a valid will is perhaps the most important step in the estate planning process. A will allows a testator (the person writing the will) to determine how his or her property should be distributed upon death. If someone does not have a will when he or she passes away (referred to as "dying intestate"), or a court finds that the will is invalid, the state will distribute property according to intestacy laws. These laws are essentially predetermined inheritance guidelines which usually work their way down your family tree, with property going to your closest relatives first. Therefore, having a valid will can mean the difference between your estate going to your close friend as you had always wanted, or everything going to a long-lost relative you’ve never even met.
Each state has its own laws detailing the legal requirements for making a valid will. In Pennsylvania, the law requires that the testator be at least 18 years old and of sound mind (mentally competent). In addition, the testator must declare that the will is his or hers in front of two witnesses and these witnesses must then sign the will in front of the testator. Note that Pennsylvania does not recognize oral wills or holographic wills (wills written entirely in the testator’s handwriting but not signed by witnesses).
A Will is a legal document that helps you put your affairs in order when you die. Every adult should have a Will to outline his or her intentions regarding home, finances and other assets and possessions upon death. Your Will should identify who will handle your estate, how your assets will be divided and who will serve as guardian for your minor children. If you die without a Will, your money and possessions will be distributed according to a formula fixed by law, which means that your spouse may have to share assets with other family members not of your choosing. It also could create lengthy delays in the final distribution of assets. Additionally, dying without a Will could result in your minor children being placed in the care of a court-appointed guardian rather than with people you would have chosen to care for them.
In Pennsylvania, a Will is not filed (or probated) until after a person dies. As a result, you can change or update your Will at any time throughout your life, as circumstances require.
If you die without a will, you are “intestate,” and a probate court will apply the intestacy laws of the state where you reside to determine how to distribute your property among your next of kin.
Making a last will and testament is a wise decision. It tells your surviving loved ones exactly your wishes regarding your property and assets in a legal document. However, there are certain provisions you should not include in your will.
There is no standard, legally foolproof will. State laws vary, and so do the needs of people making wills. Every will must comply with state laws.
For your Wills and Testament or other general settlement needs, please contact us by calling 1-570-881-8107 to schedule an appointment today. Our business hours are Monday through Friday from 9 a.m. to 5 p.m., with after-hour appointments by request.
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