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ESTATE PLANNING IN PENNSYLVANIA Q & A
What are the most common types of estate planning documents?
A Last Will and Testament(“ Will”), a Power of Attorney, and a Living Will are the most common types of estate planning documents.
What is a Will?
A Will is a legal document that gives your direction for how your property will be handled after you die. A Will must include: Beneficiaries( the people who will inherit your property); an Executor( the person who will be in charge of carrying out your wishes); and a Guardian for minor children( the person who will care for your minor children if you die).
A Will should include: contingent( backup) Beneficiaries, in case your primary Beneficiary also dies; contingent Executors, in case your primary Executor is unable or unwilling to act; and instructions on Bond, Inheritance Tax, and Digital Assets. A Will may include your preferred funeral arrangements and specific bequests( e. g., I would like to leave my car to my brother, even though I am leaving everything else to my son).
What assets can my family access immediately after I die?
Any of the Non-Probate Assets, previously mentioned, can be accessed, however a named beneficiary may need to complete the necessary forms and provide a death certificate. Nonprobate assets do not require the formal probate process with the court. Pennsylvania law also allows the“ next of kin” to receive up to $ 10,000 from the Decedent’ s bank account provided they offer evidence of the payment of the funeral bill or“ satisfactory evidence” that payment arrangements have been made with the funeral director.
Are there other types of estate planning?
Yes. There are a number of other legal documents that individuals use to accomplish different goals. However, a Will and Power of Attorney are two of the most common types. Other legal documents that may be part of an Estate Plan include: Revocable Trusts; Irrevocable Trusts; Family Caregiver Agreements; Burial Trusts; and Deeds.
Who needs a Will?
Anyone over 18 years old! Especially individuals who own property, have minor children, own bank accounts with no co-owners, or those with blended families.
Is all of my property included in my Will? No, if an asset has a Joint Owner with rights of survivorship or a named beneficiary( referred to as non-probate assets), that property will pass outside of your Will. Life insurance with a named beneficiary will also pass outside of your Will.
What happens if I want to change my Will later?
You can change your Will at any time, as long as you are of sound mind. We recommend that you periodically review your Will to make sure it still reflects your wishes. You may need to change your Will in the event of a birth, death, marriage, divorce, or other major life event. If you are unsure whether your Will needs to be changed, or if you would benefit from other legal estate planning documents, you can schedule a free initial consultation with an attorney to discuss your situation.
Attorney Natalie Piscione is a member of the National Academy of Elder Law Attorneys, and has been providing Estate Planning and Estate Administration legal services for nine years. The team of attorneys at Covelli & Piscione Law Offices is experienced in several areas of the law. For more information, call 412.653.5000 or visit covellilaw. com.
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