Wills & Estate Planning
Wills
Whether you’re looking to prepare your own will or need assistance determining a plan after the passing of a loved one, our team of experts in probate and estate administration law in Lancaster, Pennsylvania can help you navigate the difficult process of handling an estate or planning for your estate.
The Benefits of Having a Will
A will is a legal document that designates how your possessions will be distributed after you die. When drafting a will, you will be asked to choose an individual, called an executor or executrix (if female), who will carry out your wishes as dictated in your will. This person will handle the administration of your will, with the assistance our experienced Estate Administration team, including paying all the debts and taxes and distributing what remains as per your wishes.
As part of your will, you also may choose to appoint a guardian to take care of minor children in the event of a tragedy or a Trustee to handle the finances for any minor children.
Typically, passing without a will (intestate) complicates the administration process and your hard-earned assets may end up in the hands of someone unintended. As we always say, a will is one document that everybody is guaranteed to need at some point.
Powers of Attorney in Lancaster, PA
Setting Up Your Estate To Avoid Probate
Many people want to know how they can protect their assets from the probate
process. Some assets do automatically bypass probate, including:
- Retirement accounts
- Life insurance
- Funds in payable on death, or POD, accounts
- Pension plans
- Property held in joint tenancy with right of survivorship
- Assets owned jointly by spouses
The general rule is that assets that are owned only in the name of the deceased person will go through probate. Additionally, the Pennsylvania Small Estate Affidavit states that estates valuing $50,000 or less, excluding real estate, can bypass the probate administration process in favor of an expedited method of distributing assets. However, any real estate within that small estate will still need to go through probate.
