Estate Planning (Wills)

If you do nothing else to take care of your legal affairs, you should get a Will. If you don't make a Will before your death, Pennsylvania law will determine who gets your property (and it may not go where you want it to go). Moreover, a judge may decide who will raise your children. If you create your own Will, you will be the one making these very important decisions. A will is a written instrument containing directions for how the property of the person making the will (called the testator) shall be divided on his or her death. Generally, the Will must be signed by the testator and should be signed by at least two witnesses who have no interest in the property passing under it. The testator must be "competent" and must not be a victim of duress or undue influence. A signed instrument purporting to be someone's Will is not officially recognized until the court having jurisdiction over the instrument declares it to be a valid will after examining it and the circumstances surrounding its execution. The process by which a court determines whether a will is valid is known as probate. A person's age, marital status, and financial holdings weigh heavily in the decision to draft a Will. In general, every adult should think about making a will, and the need grows as your assets and family ties increase. Wills are especially crucial for parents with children who are minors, since you can name a guardian in a Will and make arrangements for financial support of the children even past the age of 18. Couples also have each other to think about. If you die without a will, the law may dictate that your assets be split between your spouse and your children, leaving your spouse without enough assets to support him or herself. In addition, if you are married and childless, the law may dictate that your assets be split between your parents your spouse, resulting in a similar problem. Furthermore, any property going to a minor child in such a situation would be subject to an expensive court-appointed guardianship, which could eat up part of the inheritance. Property and assets such as bank accounts and real estate that are in joint names do not pass through your Will to your named beneficiary, but go directly to the surviving person named on the joint asset. Similarly, assets with a designated beneficiary such as life insurance, IRA, or mutual funds with a broker, do not pass through your Will but will go to the persons named as the beneficiary. If you die without a will (or die intestate), state law determines how your property will be distributed among your spouse, offspring, grandchildren, parents, siblings or closest relatives with the right to inherit. If a person dies without a Will and without any traceable heirs, all property goes to the state (or escheats to the state). The attorneys at Kaminsky, Thomas, Wharton, Lovette & Vigna will assist you in creating a properly executed Will, which conveys your wishes clearly and succinctly so that the persons you wish to receive your property upon your death actually receive it. The Will may be created as a stand alone Will document or our firm will assist in the creation an overall Estate Plan, in which the Will will act in combination with other estate planning mechanisms to ensure that the maximum amount of your estate possible goes to your beneficiaries.