12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

What is a Last Will and Testament in Marienville, PA

What is a Last Will and Testament in Marienville, PA

A Last Will and Testament is the first building block of a good estate plan. Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death.

Option 1: Will-Based Estate Plan

All essential details of your Last Will and Testament will be outlined in the will-based estate plan. It will provide information including the person to be put in charge of settling your final affairs (the executor), the persons who will inherit your property (beneficiaries), and the provisions on how they will inherit it. Your last will and testament with a will-based estate plan will cover the following:

1. Who will serve as the personal representative/executor

2. What powers your personal representative/executor will have

3. Who will inherit your property

4. How and when your property will ultimately be transferred to your beneficiaries

5. Who will serve as guardian of your minor children until they become adults


Option 2: Trust-Based Estate Plan

In the trust-based estate plan a document called a revocable Living Trust will cover all the important points listed above in the will-based estate plan with one exception: the person in charge of settling your final affairs after you die is called an administrative or successor trustee instead of an executor. If you have a revocable living trust you will still need a Last Will and Testament so. Ideally, you will fund or move your assets into your trust before you die. If you fail to fund even one asset into your trust, then the last will and testament will be the necessary document that will "catch" the unfunded property and transfer it to your trust after you die. The last will and testament in this case will function as a pour over will that will cause the unfunded assets to "pour over" into your trust through a probate process.


A pour over will needs to cover:

1. Who will be in charge of your assets that were not funded into your trust as the personal representative/executor

2. What powers your personal representative/executor will have

3. Who will serve as guardian of your minor children until they become adults

4. What will happen in the absence of a Last Will and Testament?


In order for your property to go to the beneficiary of your choice after you are gone, a Last Will and Testament is recommended.


The absence of a will could result in the state providing a last will and testament on your behalf under the state's intestacy law. The laws of the state that your property is located in will prevail. This can get complicated if you own property in multiple states.

 
Personalize & Print a Free PA Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Related Legal Services near Marienville, PA
Luciana Richard H
504 Maryland Ave
Oakmont, PA 15139
(412) 828-8147
Attorneys, Legal Service Plans
Osterhout Law Offices
521 Cedar Way # 200
Oakmont, PA 15139
(412) 794-8003
Social Security & Disability Law Attorneys, Attorneys, General Practice Attorneys, Legal Service Pla
Wade & Casey LLP
521 Cedar Way # 200
Oakmont, PA 15139
(412) 828-7902
Attorneys, Legal Service Plans
Shatzer & Sheridan
4824 Spruce St
Philadelphia, PA 19139
(215) 748-7480
Legal Service Plans,  Attorneys,  Social Security Consultants & Representatives,  Social Security Se
Hipp/Kaiser Hipp
900 Hulton Rd
Oakmont, PA 15139
(412) 478-3603
Attorneys, Bankruptcy Law Attorneys
Alexander Craig H
787 Pine Valley Dr # E
Pittsburgh, PA 15239
(724) 733-3080
General Practice Attorneys, Attorneys
R & O
4812 Olive St
Philadelphia, PA 19139
(215) 877-3020
Attorneys, Legal Service Plans
Fowkes & Birmingham Attorneys
732 Allegheny River Blvd
Oakmont, PA 15139
(412) 828-2802
General Practice Attorneys, Attorneys
The Lawyer Stress Center
111 N 49th St
Philadelphia, PA 19139
(215) 471-2400
General Practice Attorneys, Attorneys
Wimer Law Offices Pc
655 Allegheny Ave
Oakmont, PA 15139
(412) 820-1234
Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
G. Robert Cooper Esq
504 Allegheny River Blvd
Oakmont, PA 15139
412-353-3006
Attorneys,  Legal Clinics,  Family Law Attorneys,  Divorce Attorneys,  Estate Planning Attorneys,  L
Hilton Charles J
527 Cedar Way
Oakmont, PA 15139
(412) 435-0162
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US