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Some Questions and Answers Regarding Wills and Estate Planning
The following are some common questions and their answers concerning wills and estate planning.
Q. Why should I have a will?
A. A will is the only way an individual can insure that their property will be distributed after death in accordance with their wishes.
In the absence of a will in
Pennsylvania, property of a decedent will pass strictly in accordance with the Pennsylvania Intestate Law, unless that property is held in such a way as to pass on death to the surviving co-owner. This scheme of
distribution may not be what the person desires.
An additional feature of a will is the opportunity to name an individual or entity of the testator's choice to serve in various capacities, such as Executor, to
handle the affairs of the estate, or trustee, to administer funds or property on behalf of a beneficiary.
A will is vitally important for anyone who has minor children. As an initial matter it affords the
opportunity to name a guardian or guardians of the person of the children to raise and care for them in the event both parents are killed.
Q. If I have minor children, what is the best way to provide for them in my will?
A. This is a question that first involves an evaluation of your estate by a competent estate planner, such as your
lawyer. If not otherwise provided for, a bequest to minor children under a will, without more, will be deemed to be held on their behalf by a "Guardian" until they reach the age of 18, at which time it
must all be distributed to them. Depending upon the size of your estate, which may include substantial life insurance proceeds if a husband and wife die as the result of a common accident, this may not be
wise. We often recommend a "family trust will" under which all property passing to the minor children will be placed in a trust or trusts for the benefit of the children, with directions to the Trustee,
or the appointed manager of the trust, as to how and when to distribute the property to the trust beneficiaries. In our experience it is normally wise to delay distribution of the bulk of the trust proceeds until
the children are substantially older than 18, and then over a term of years as they reach designated ages.
Q. Is it expensive to write a will?
A. Not at all. Although costs vary between
lawyers, basic wills are always nominally priced. Please feel free to contact our office for current fees.
Q. How often should I change my will?
A. Your will should be kept up to date and should be
considered for changes as your life changes. We suggest a will review every 4 to 5 years. A document changing one or more provisions of your will is called a codicil, and is simpler and less expensive than a
will.
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