Reduce Probate Costs with A Simple Will
June 12, 2020
It is tempting to delay drafting a will in Pennsylvania. However, it enables you to take care of loved ones after you are gone. The state steps in and distributes assets as it sees fit if there is no will. By officially documenting which beneficiaries receive your property, you can minimize probate costs and help the process go smoothly. We often assist clients in the creation of wills, trusts and estate plans.
Kiplinger reports that, although a simple will can be quick and easy to draft, it must have the right components for the probate court to find it acceptable. A thoroughly planned will can help ease the pain and stress of your passing. Here are two elements that bear serious consideration before committing them to your official last will and testament.
This is a critical component of your document. An executor carries out your last wishes and closes your estate. While you should have faith in the person you choose for this position, it is not the only requirement. It helps if they understand finances and the law, as they may have to make difficult decisions in the best interests of your heirs. The executor’s duties include inventorying your belongings, paying off credit cards and other debt, closing bank accounts and transferring the contents of safety deposit boxes.
If you have minor children, you can name the person you want to care for them if you die before they become adults. By setting up a guardianship, you can ensure the person of your choosing raises your children. This person or persons can also manage the assets you leave to them and distribute them according to your wishes.
Once your document is official, you can give copies to your attorney, executor or any others you wish. A will works best when it is a living document. Ensure it remains up-to-date and communicates your current wishes making changes upon important events, such as births, weddings and divorces.