If you live in Pennsylvania, you should have a Pennsylvania Will as it allows you to specify who will carry out your wishes and who will receive your estate on what terms. In addition, the Will also includes other rules and provisions that are designed to address a variety of different situations that may arise after your death. Among other things, the Will can resolve disputes between your beneficiaries regarding who will inherit your property, it may determine how inheritance taxes should be paid, and it should have provisions that protect a beneficiary's share when they cannot inherit outright.
If you haven't created a Last Will and Testament, the state has a legal framework known as “Intestacy” that functions as a substitute for a Pennsylvania Will. Intestacy is not treated less favorably under the law, and the state does not become a beneficiary under your Last Will and Testament. In fact, it can work out just fine for some families. However, it’s a poor substitute for a proper Will and should not be relied on. Family disputes can arise when determining who will assume the role of Administrator of an estate. Certain family members may receive monetary assets, even if it creates complications or conflicts for them. Furthermore, Intestacy laws do not account for specific charitable donations or provide mechanisms to resolve family disputes. These limitations hinder your intent and may exacerbate disagreements among family members.
A Will is an affordable way to realize your wishes and protect your family - both relationally and financially. It will save your. family time and money by making one with an experienced estate planning attorney. We have seen what things work well, and what things are disastrous in practice. Call us today at (267) 471-0849 for a free consultation to get started.