According to the AARP (citing a study from caring.com), fewer than 60% of adults living in the United States have a will. That means that 4 out of every ten don’t have a will. A will is simply the document that directs your property to the people you wish to receive it after your death. Many people think that their surviving spouse or children will handle everything, or that they do not have much, so they do not need a will. However, the answer is clear: “Yes. Yes, you need a will.”
Why? Specifically, a will directs how your “probate assets” are distributed in the event of your death. “Probate assets” are assets that you own by yourself, they are not jointly owned with someone else and do not have beneficiary designations. For example, if you own a car or a house in your name alone, this item would be a probate asset. If you have a 401k that designates your children as beneficiaries, then this is not a probate asset. If you have a joint bank account with your spouse, it is not a probate asset if you are survived by your spouse. That bank account, however, becomes a probate asset following the death of your surviving spouse. These are just a few scenarios where it is extremely helpful to your loved ones for you to have a will in place.
When you die without a will, you are referred to as having died “intestate.” When you die intestate, the disposition of your probate property is controlled by the Pennsylvania Law of Intestate Succession, meaning that your money and possessions will be distributed by a pre-determined formula fixed by Pennsylvania law, regardless of whether you are survived by a spouse, children, or any other relatives. Dying intestate means that your spouse may have to share assets with other family members not of your choosing. To state it bluntly, if you have not prepared a will dictating the distribution of your assets and property after your death, then the Commonwealth of Pennsylvania has already decided for you.
Please give yourself and your family peace of mind. It may not be a pleasant task, but Mike will guide you through the process. Make the time to have a will properly prepared and executed to ensure that your wishes and desires are memorialized and that your assets and property are placed with loved ones of your choosing.
If you’re not sure where to begin, let’s start with a conversation. Contact Mike via email or call 215-257-5114. We look forward to being of service.
Mike Frisbie concentrates on Estate Planning; Estate Administration; and Business Formation, Organization, and Counseling. He takes pride and pleasure in helping people and businesses solve their problems.
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This article is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.
Many people avoid preparing a Will because they think, “If I die without a Will, my spouse will get everything anyway, right?” This is a misconception can lead to unexpected – and likely, expensive – consequences. Dying without a Will triggers what is known as “Intestate Succession.” When you die intestate, the disposition of most of your property is controlled by the Pennsylvania Law of Intestate Succession set forth in 