Will or Trust

A will and a trust are legal documents that allow for the transfer of an individual's assets after their death .  A will distributes your property and a trust allows property to be managed by a trustee for the benefit of the beneficiary(s).  

A Last Will and Testament is needed for anyone over the age of 18 to have a say in who gets his or her property when he/she dies. A Will identifies specific beneficiaries and specifies the individuals you trust to carry out your wishes. If you die without a Will, your property will be distributed in accordance with Pennsylvania’s Intestate Laws. When you die intestate, your property will be distributed according to a formula created by law and through a court appointed estate administrator – which may or may not be someone you know. If you have no relatives (or your relatives cannot be found) the State will obtain your property.

Dying without a Will can, and most likely will, lead to the distribution of your property in ways you never intended. It is not only more costly in terms of fees and costs but it will increase the time required to distribute your assets. It can also lead to unintentionally disqualifying disabled family members from receiving government benefits.

Every Will needs to identify the Beneficiaries and the Executor or Executrix. The Executor or Executrix is the individual who will administer your estate and who takes an oath to carry out your wishes. Estate Administration includes paying all your bills, transferring property, creating trusts, and completing other administrative requirements. It is a good idea to include an alternate Executor in the event that the first person you select is unable to perform.

Parents of minor children have added incentives to create estate documents to add a Guardian for their minor children. The idea is for the children to be cared for by individuals their parents knew and trusted.

OWNERSHIP TRANSFERS AS A MATTER OF LAW 

Certain property cannot be passed on through a Will. Property that is titled as “tenancy by the entireties” or “joint tenancy” is an asset you cannot pass on through a Will. The property will automatically become the property of the surviving owner. Additionally, bank accounts, securities (stocks and bonds), life insurance policies or retirement accounts with a named beneficiary will pass to the named beneficiary and not through your Will.

Pennsylvania's intestate laws include a different distribution scheme depending on the timing of your death. If you die before your spouse and children, your spouse will get a share of your estate and the remainder will be divided evenly among your children, regardless if any child has a disability (and is relying on government benefits). If you die after you spouse but before your children, your property will be divided evenly among your children, regardless if any child has a disability.

Attorney Carole Hendrick can assure that all legal requirements involved in settling your affairs and transferring property are met.

To contact Attorney Carole Hendrick, call 610-489-0295 or click here.