Estate planning

A. WILLS

• A document that indicates what is to be done with a person’s property after they are deceased.
• If one does not have a Will the estate will be distributed according to intestate succession as it is set forth in Pennsylvania Statute.
• A Will should be reviewed at least every five years or updated upon any life altering event that would impact distribution or executors.

Things to think about:

Who would you want to be executor(s) – you should choice someone that you can trust and that is willing to take on the responsibility.  You should have a first choice and an alternate if that person couldn’t do it.  It is possible to have more than one person to be executor or alternate executor.

How do you want your property distributed – if you have specific items that you want to give to certain people then a list can be made and attached to your Will.  Distribution can be as you want but just make sure that the beneficiary are the same in the Will and on any policies.  For instance if you have a life insurance policy and you have a beneficiary listed in the Will make sure the beneficiary is the same on the policy. 

B.  PROBATE

• Is the process by which a Will is reviewed by the court, debts of the estate are paid and final disributions are made to the heirs.

C.  ESTATE TAXES

By taking the time to discuss and understand these few terms you can help your family avoid unnecessary complications, delays and expenses.