Last Will and Testament

This is the person who receives your probate property when you die. You can name more than one person as your Beneficiary. You can even name a charitable organization as your beneficiary.

The individual who oversees distribution of your Estate. This person might also be called a Personal Representative.

This is when you leave a specific dollar amount or piece of property (house, car, financial account) to a specific individual or individuals. This bequest is paid first.  You decide whether or not to have any specific bequests in your Will.

After your estate has paid all of its legally enforceable debts, taxes and specific bequests, what is left over is called your residuary estate. Your residuary beneficiaries receive this property. Many Wills have only residuary bequests (that is, no specific bequests). A common example is when an individual leaves everything to his or her spouse.

It’s easier to describe non-probate property than probate property. Non-probate property are assets that name a beneficiary. For example, joint bank accounts, 401(K) plans, pensions, jointly owned real estate, etc., are non-probate assets. They are not passed on by your Will. Non-probate assets go directly to your chosen beneficiary and bypass the probate process. All other assets are probate property.

The county Register of Wills determines whether a Will is legally valid and can be probated. This is generally a quick process that takes about 15 minutes. Once a Will is probated, the Executor oversees distribution according to the instructions in the Will. If there’s a dispute about a Will’s validity, there may be an initial hearing before the Register of Wills and then a further hearing before a Judge if necessary.

This is when you die without a Will.  In this case, state laws take over and determine who your Administrator (the Intestate equivalent of your Executor) will be and how to distribute your property without your input. The lack of a Will can also cause long, unnecessary delays as steps have to be taken to find the individuals who are eligible to serve as Administrators and who will be your heirs under Pennsylvania law.

If you have children under age eighteen, you should name a Guardian to raise them in the event that both parents have died.

Money or assets that are not immediately given to a beneficiary but instead are managed by a Trustee according to your directions and allow the Trustee to use the assets for the health, education and general welfare of the Trust beneficiary.

The Trustee safeguards the Trust’s assets for a minor until the minor reaches the age you designate, usually eighteen or older. The Trustee can be an individual or a financial institution that provides trust services.

For any position, it is a good idea to select a back-up in case the person you select for any position is unable or unwilling to serve in any role you have selected.

You can select more than one individual to serve in these roles if you choose.