To learn more about what you should include in your will, reach out to our skilled Butler County will preparation attorney today.
What is a will in Pennsylvania?
A last will and testament are utilized to ensure that surviving family members and friends may follow your wishes when it comes time to allocate your assets. It names who gets your assets as well as who is in control of them. The last will and testament only control assets that are possessed individually and do not have a beneficiary assignment.
In the event that an individual passes away without a will, it is referred to as dying “intestate.” This means that there will be no plan for your assets. As a result, your assets will be obtained and dispersed by the state of Pennsylvania, rather than according to your wishes. While this may not seem like a big deal in the present, you will want to acknowledge that it can generate a number of different issues for your loved ones down the road. For example, they may have to go through the long and expensive process of litigation. This can be particularly stressful, especially during a time of mourning. To avoid this, you will want to work with a qualified estate planning attorney that can help you prepare a will to ensure that your future and your loved ones are covered.
Who is named in a will?
Once you have created a will, once you pass away, your assets will pass to your loved ones. If they name someone to inherit a part of their estates, for instance, an asset or possession, this individual is referred to as a beneficiary. There can be several beneficiaries in an estate. An executor is another individual that is named in the will. The executor is the person who is in charge of administering the estate among the beneficiaries as is outlined in the document. These individuals have the legal responsibility to take care of the deceased person’s leftover financial obligations. They may be named in the will expressly or appointed by the court. Some of their duties include supplying accounting to the court, paying outstanding debts and taxes, and collecting, protecting, and distributing assets according to the will’s specifications. This is an important role to take on due to the required obligations. They may also have to meet with professionals, like accountants, lawyers, or other individuals to manage the estate. If an executor fails to carry out their required duties, they can be dismissed from this position. The other beneficiaries of the estate can file a motion with the court. The court can take into consideration all the factors of the situation and make their final decision. They have the ability to appoint a new executor for the estate.
If you have further questions or concerns about this process, do not hesitate to reach out to our dedicated Butler County estate planning & probate attorneys today. We are just one call away.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team that you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.