It is important that you have a will to ensure your wishes will be carried out when you are gone. If you have a valid will, you will save your loved ones a lot of time, confusion and money.
Of course, once you have decided to write a will, you have to figure out what it should include. In this post, we will discuss what to include in your will and how to ensure that your will is valid.
In Pennsylvania, a will needs to be in writing and also needs to be signed by the person making the will. Your will should include the name of the executor you have selected to administer your will and estate. The will should also include the name of a backup executor in the event your named executor is unable or unwilling to serve in that role when the time comes.
In addition to naming an executor, your will should also name your beneficiaries. The beneficiaries you name will receive the property and assets as you have instructed in your will. Alternate beneficiaries can also be named in case a beneficiary predeceases you. People, charities and organizations can all be named beneficiaries in your will. Who you decide to include is up to you.
You should also be aware that you should routinely review and update your will as necessary. Specific times that you should consider updating your will include if you lost your executor, spouse or partner; get married or divorced; have a child or additional children; or acquired additional money or property you want to include in your will.
Everyone should understand the importance of having a will that represents their wishes and desires for the distribution of their estate. Trained guidance through the complexities of estate planning can help you ensure your will achieves what you want it to.