When Should I Update My Will * * Pa Probate Lawyers Attorneys * Chester County Pa * Delaware County Pa * Montgomery County Pa * Open All 7 Days * 610-407-0220 *
Be aware that Wills and Probate are extremely tax intensive.
It will begin with Estate Planning
It will continue with the Will’s vital tax clause
It will impact the client’s Asset Titles
It will extend through Probate
It will impact the beneficiaries tax obligations
It may resolve through the Estate Administration
It can extend far beyond the Estate’s conclusion
Extremely likely is the fact that the tax returns required in Pa are
The Pa Inheritance Tax Return
The Federal Estate Tax Return (depending)
The Decedent’s final Federal Income Tax Return
The Decedent’s final Pennsylvania Income Tax Return
The Estate’s Federal Fiduciary Income Tax Return(s)
The Estate’s Pennsylvania Income Tax Return(s)
A Last Will grants your Executor (Fiduciary) the ability to administer your Estate at your death.
The most common misconception that surrounds a Last Will is the process called Probate and the seemingly universal assumption that it should be avoided at all costs. Virtually to the contrary, the word Probate is merely the Latin infinitive verb that means to prove. Although some states do have onerous probate procedures (where the avoidance of probate may be a prudent strategy), Pennsylvania does not. In fact, probating your Last Will in Pennsylvania is very simple.
Another very common misconception that surrounds a Last Will is that it disposes of all of your assets at your death. Again, and virtually to the contrary, is the fact that your Last Will only disposes of your assets:
Consequently, items owned jointly with another, such as joint bank accounts, will be controlled by property law (and not by the laws governing Last Wills), and will pass to those joint owner(s) at your death. Items that have individual beneficiary designations, such as life insurance policies, will be controlled by contract law (and not by the laws governing Last Wills), and will pass to those individual designated beneficiaries at your death.
§ 2505. Revocation of a will.
No will or codicil in writing, or any part thereof, can be revoked or altered otherwise than:
(1) Will or codicil. By some other will or codicil in writing;
(2) Other writing. By some other writing declaring the same, executed and proved in the manner required of wills; or
(3) Act to the document. By being burnt, torn, canceled, obliterated, or destroyed, with the intent and for the purpose of revocation, by the testator himself or by another person in his presence and by his express direction. If such act is done by any person other than the testator, the direction of the testator must be proved by the oaths or affirmations of two competent witnesses.