Top 5 Reasons to Have a Will in Pennsylvania

  

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A Last Will and Testament is a written declaration of a person’s intentions for the distribution of his or her property upon death.  A Will is often the cornerstone to a Pennsylvania estate plan.  A properly executed Last Will and Testament serves as legal assurance that your personal wishes will be honored.

There are many reasons to have a Last Will and Testament in Pennsylvania, and I have listed the top five below.

1. If a person dies without a Will, the estate is subject to the PA Intestacy Law that governs the distribution of assets.  For example, if a husband dies without a Will and he is survived by his wife and 2 kids, the wife will only get the first $30,000 plus one-half of the estate. 

2. A Will can name a guardian(s) for your children.  Without a Will, the Court will appoint a guardian.

3. A Will can provide a trust for your children, which will provide for the children’s health, support and education and may hold the assets until the child matures to an age or ages designated by you – such as the age of 25 or 30.  Without a Will, the assets for your children will go into a custodial account and the children will have full access to the money at the age of 21, which many parents view as too young.

4. A Will can name Trustees to manage the assets for your children; otherwise, a custodian will be appointed without your approval to manage the funds for your children.

5. A Will can save your estate a significant amount of money if the estate is subject to estate taxes.  An experienced PA estate planning attorney can incorporate tax planning provisions in your Will to safely protect some or all of your estate from federal estate tax.

Jason Martin, Esq. is an experienced PA estate planning attorney serving residents of Norristown, Lansdale, Blue Bell, King of Prussia and the rest of Montgomery County.  The Martin Law Firm, located in Blue Bell, PA, also regularly assists personal representatives and executors with the Pennsylvania probate process and other estate administration matters.  Contact The Martin Law Firm today for a free consultation.