As a Pennsylvania resident, what happens to your assets and property upon your death? It gets randomly distributed based on laws followed by the Pennsylvania government. If you need to control the division of assets, it is imperative to make a PA last will and testament. This removes doubts and discrepancies in asset distribution and makes it a smooth process.
What Is a Pennsylvania Last Will And Testament & How Does It Work?
The last will and testament PA is a legal document that gives you the power to distribute your personal property in case of a deadly situation. In other words, the State of Pennsylvania gives the testator, or the writer of the will, the power to distribute his or her property amongst the spouse, children, and other loved ones.
It hosts the testator’s wishes for the property post his or her death and also about the future of his or her loved ones, especially dependent children. More often than not, the testator also appoints an executor who would look into the division of assets to the beneficiaries after the former’s death.
What Should Be Covered In a Pennsylvania Last Will and Testament?
There are essentially a few aspects that should be factored while making a will form PA:
- The property owned by the testator needs to be distributed or transferred to certain people or an organization.
- For minor children of the testator, a personal guardian is named to take care of them after the death of the testator.
- Minor children will not be able to manage and handle the property allocated to them. A trusted person is named in the will who would perform on behalf of the minor children till they reach a certain age.
- The testator also names an Executor who would ensure that the terms of the Last Will And Testament are appropriately carried out.
Benefits and Limitations of a Pennsylvania Last Will and Testament
If a person passes away without a last will and testament PA, the State takes control of his or her property through the Intestacy Law. This states, the deceased’s assets are to be distributed to their closest family members, including the spouse and children.
In the situation that the deceased did not have a spouse or children, the assets would reach the parents and then distant relatives like grandparents, siblings, and the list goes on. Once this list is exhausted, the property would be taken up by the State.
Benefits of the will in PA:
- You have control over your property and assets
- The assets are not distributed to the wrong individuals or groups per the Intestacy Law.
- Taking care of minor children becomes more streamlined with the mention of a trusted person as their personal guardian in the will
Drawbacks of the Pennsylvania last will and testament:
- The contents of the will become public record upon the testator’s death
- The contents can be challenged with regards to its validity
How to create and revoke a Last Will and Testament in Pennsylvania?
Requirements for creating a last will and testament in Pennsylvania:
- The testator must be at least 18 years of age
- The testator is expected to be of sound mind while writing the will
- The will requires a signature that can be obtained in three ways: the testator can sign himself/herself; the testator can sign by mark in front of the witnesses, somebody other than the testator can also sign, in his or her presence and in accordance with his or her directions, in the presence of witnesses
- Witnesses are not required for making the will, except in the two signing conditions mentioned above
- There is no limit to the number of beneficiaries in the will
Once these conditions are fulfilled, the will can be created with the necessary information, with notarization. This can then be submitted to the probate court.
The will can be revoked or modified by the testator by noting down their wishes in writing and presenting that to the court.
CocoSign has several PA will templates that can be used for creating Pennsylvania last will and testament. This takes care of all the contents and requirements of the will. With these templates, drafting the will is a breeze!
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