Read this blog and reach out to our firm today to learn more about what you should include in your will and how the process works. Our skilled Montgomery County, PA wills, trusts, & estates attorneys are here for you each step of the way.
What is a will in Pennsylvania?
A will is a legal document that expresses how your investments should be split in the event of your passing. In the event that someone passes away without a will, it is known as dying “intestate.” This indicates that there will be no plan for your assets. Because of this, your assets will be acquired and distributed by the state of Pennsylvania, instead of according to your wishes. While this may not seem like a big deal now, you will want to realize that it can cause a number of different problems for your loved ones down the road. For instance, they may have to go through the lengthy and costly process of litigation. This can be extremely stressful, especially during a time of mourning. In order to avoid this, you will want to work with a skilled estate planning attorney that can help you craft a will to ensure that your future and your loved ones are protected.
Who is named in a will?
When creating a will, individuals that die will pass on assets to their loved ones. If they name someone to inherit a part of their estates, for example, an asset or possession, this individual is referred to as a beneficiary. There can be many beneficiaries in an estate. An executor is another person that is called in the will. The executor is the person who is in charge of allocating the estate among the beneficiaries as is outlined in the document. These individuals have the legal obligation to take care of the deceased person’s leftover financial obligations. They may be named in the will specifically or appointed by the court. Some of their responsibilities 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 a significant 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.
To learn more, reach out to our firm today to speak with one of our dedicated attorneys. We are on your side.
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Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.