In Pennsylvania, as in most states, if you die without a will, your property will be distributed according to the intestacy laws. Exactly how your property is distributed depends on whether you have a spouse, whether you have children, and whether you have surviving parents.
The intestacy laws are set up to approximate how most people would distribute their property if they had taken the time to make a will. However, the intestacy laws should not be thought of as a substitute for a will. If you were planning to leave your prized stamp collection to your best friend George, the intestacy laws will not help you.
In Pennsylvania, your surviving spouse receives all of your property if you have no living children or parents. If you have no children but are survived by one or both of your parents, your surviving spouse would receive the first $30,000 worth of your property and one-half of the remaining balance. The other half would be distributed to your parents. If you have living children all of whom are also children of your surviving spouse, your spouse gets the first $30,000 worth of your property and one-half of the balance, with the other half of the balance going to your surviving children.
These are but a few examples under the intestacy laws. Making a will, especially where you have minor children, is generally the better approach, because it allows you to establish trusts for your minor children; you can designate the person to handle the affairs of your estate, known as your executor; you can appoint trustees and guardians for your children; and you can make specific bequests of property to individuals or charities of your choice in amounts that you determine. Making a will allows you to be specific in the expression of your wishes. The intestacy laws provide only a general framework for the distribution of your property, often different from what you might have done had you made a will.
For many, making a will is difficult because it is a reminder of our mortality, a subject few of us are comfortable with. Think of a will as a favor to those you leave behind. You will not be there to express your wishes, and your heirs will want your guidance. Take time to think about the future, perform a mental inventory of your affairs, and sit down with a trusted advisor to map out an estate plan. A serendipitous effect of estate planning can be significant tax savings in many circumstances.
A properly drafted will serves a multitude of goals – it makes clear your intent, eliminates uncertainty, puts your affairs in the hands of people you know and trust, and might save your heirs taxes. Making a will also puts the maker at ease that his or her affairs are in proper order. The peace of mind alone can be worth the effort.
The intestacy laws are set up to approximate how most people would distribute their property if they had taken the time to make a will. However, the intestacy laws should not be thought of as a substitute for a will. If you were planning to leave your prized stamp collection to your best friend George, the intestacy laws will not help you.
In Pennsylvania, your surviving spouse receives all of your property if you have no living children or parents. If you have no children but are survived by one or both of your parents, your surviving spouse would receive the first $30,000 worth of your property and one-half of the remaining balance. The other half would be distributed to your parents. If you have living children all of whom are also children of your surviving spouse, your spouse gets the first $30,000 worth of your property and one-half of the balance, with the other half of the balance going to your surviving children.
These are but a few examples under the intestacy laws. Making a will, especially where you have minor children, is generally the better approach, because it allows you to establish trusts for your minor children; you can designate the person to handle the affairs of your estate, known as your executor; you can appoint trustees and guardians for your children; and you can make specific bequests of property to individuals or charities of your choice in amounts that you determine. Making a will allows you to be specific in the expression of your wishes. The intestacy laws provide only a general framework for the distribution of your property, often different from what you might have done had you made a will.
For many, making a will is difficult because it is a reminder of our mortality, a subject few of us are comfortable with. Think of a will as a favor to those you leave behind. You will not be there to express your wishes, and your heirs will want your guidance. Take time to think about the future, perform a mental inventory of your affairs, and sit down with a trusted advisor to map out an estate plan. A serendipitous effect of estate planning can be significant tax savings in many circumstances.
A properly drafted will serves a multitude of goals – it makes clear your intent, eliminates uncertainty, puts your affairs in the hands of people you know and trust, and might save your heirs taxes. Making a will also puts the maker at ease that his or her affairs are in proper order. The peace of mind alone can be worth the effort.
– Ken Butera