Pennsylvania residents probably know how important it is to have an estate plan in place. Not only does such a plan provide specific details for how a person would like assets and debts to be addressed after death, but estate plans can also provide details for other matters that might occur during life, such as healthcare and financial decisions, for example.
But, many people understandably get confused by estate planning because there are so many options to consider. However, most estate plans start at the same place: a will.
So, what are the basics about wills as part of an estate plan? Well, one of the primary goals of most wills is to direct an executor or personal representative on how to distribute assets. Some wills have percentages of the assets designated to go to each heir or beneficiary—a more general approach—while others might have specific bequests mentioned. Paying debts and taxes is also an important part of addressing a person’s estate after they die, so directions on those issues are also usually part of a will.
For Pennsylvania residents who have minor children, another important part of a will is designating a guardian for those children, in the event that both parents die before the children reach the age of 18. Wills often also provide details for financial security for those minor children as well.
Carefully crafting a will
At our law firm, we know that a person’s goals for their estate plan are just as important as making sure all of the legal details of the documents are correct. For more information about how we might be able to help you draft your will and estate plan, please visit our website.