The last will and testament is a legal declaration of your wishes regarding how to distribute your property after your death. You can distribute your property to beneficiaries like family members, friends or organizations that are important to you.
At the Quinn Law Firm of Erie, Pennsylvania, our estate planning attorneys can help you determine the best way to distribute property to these beneficiaries and draft a will that clearly states your wishes.
What Does A Will Cover?
Your will can only dictate who will inherit your probate property, which is property such as real estate, jewelry, clothing, money and cars only owned by you. If you own your home jointly with your spouse or maintain a bank account that is payable on your death to a friend, your will cannot govern the distribution of these assets. This type of property is nonprobate property.
Another example of nonprobate property may be a life insurance policy in which you name individuals who are to receive the proceeds from the policy after your death. Other nonprobate property may include IRAs, pensions and 401(k) plans that have beneficiary designations. We can also assist you in ensuring that the beneficiary designations for nonprobate assets are in line with your wishes.
Your will should also name an executor, who will be in charge of administering the distribution of your estate, which will also include settling debts and paying appropriate taxes. The executor should be someone you trust to carry out matters regarding your estate in a timely and orderly fashion.
Helping You Protect Your Children’s Futures
When the beneficiaries of your estate are minors or have other circumstances that prohibit them from managing money appropriately, it may be appropriate to establish a trust in your will for the benefit of these beneficiaries. By using a trust, your beneficiaries will have the benefit of their inheritance but the assistance of a trustee who can manage the inheritance on their behalf.
Learn More At A Consultation
If you have more questions about your last will and testament, we are ready to answer them and help you get started. Contact the Quinn Law Firm today, either via email or by calling our office in Erie at 814-806-2518 to schedule a consultation.