Legal | Lynn R. Emerson, esq.

Lynn R. Emerson, esquire, is the owner of BusinessLegal, PC, a law firm dedicated to the needs of small businesses and individuals. To contact Ms. Emerson, write to 600 Washington Avenue, Bridgeville, PA 15011, phone her at 412-257-2617, or e-mail her at Lynn.Emerson@businesslegal.net. This article is published with the understanding that the information provided is of a general nature, and that the author is not rendering specific legal advice or creating an attorney-client relationship.

The Importance of a Will

A Will consists of a “writing,” signed at the end, by a person at least 18 years of age and of sound mind. The primary purpose of a Will is to direct the distribution of property at death. The Will may also appoint guardians of the estates of minors who receive property under the Will. A properly drafted and executed Will is one of the most important elements of an estate plan. Even when an estate plan utilizes trusts, a Will is generally still needed to assure all estate assets are accounted for to avoid any intestacy. A Will performs the following functions:

• Enables the client to appoint an executor (a spouse, relative or trusted friend) to manage his or her estate, simplify the administration of their estate, and save fees (such as executor fees or bond);

• Enables the client to name a guardian to care for minor children, or other incapacitated persons, after the client’s death and that of his or her spouse;

• Enables the client to distribute the property in his or her estate according to their wishes, not according to the intestate code;

• Directs how the client’s business is to be operated or sold;

• Reduces the time before the estate assets can be transferred to the client’s beneficiaries;

• Provides for specific funeral instructions;

• Provides for specific bequests of particular items of personal property;

• Can establish trusts; identify the trustee(s) and their powers;

• Directs the immediate payment of burial expenses, debts and taxes;

• Encourages proper estate planning.

Although you must be over 18 to make a Will, there is no age beyond 18 when it is better or worse to do so, since the need for estate planning changes over time. For young married persons, perhaps even more important than disposing of their property is the ability to appoint guardians and trustees of the persons and estates of their minor children. For a middle-aged couple, the Will can provide a plan of distribution for dependents by benefiting those with the greatest need and conserving their property for spouses and children. For the elderly, a Will will allow them to make distributions which benefit the surviving spouse, children, grandchildren or charities. A Will does not “expire” or become invalid because of the passage of time. Wills are not recorded, since they do not become operative until a person dies. At that time, the Will is probated. A person may make many Wills in their lifetime. The last Will of the person before death is the valid one. However, there are times when a Will should be changed, such as when a person’s life circumstances change. For example, such changes would include whether a person gets married or divorced, or a family member dies.

When a person dies, a legal process called probate takes place. Probate is essentially the process by which the court oversees the distribution of a person’s estate according to the terms of his or her Will. Probate is not necessarily long and involved; it can be a relatively painless exercise.

However, regardless of how negatively one views probate, it is a far better option than having a person die intestate, i.e. without a Will. When a person dies intestate, the State’s intestate laws will determine who receives property from the estate regardless of wishes which may have been expressed by the decedent during his or her lifetime. Further, a court will appoint an executor, which could be a total stranger, to administer the estate, and that person is entitled to fees for doing so.

The importance of the Will in the estate-planning process cannot be emphasized enough. It is the document that above all outlines a person’s testamentary plan for his or her estate, and can be integrated with other estate planning tools to effectuate this plan.

FEATURES

Home Remodeling 2008

As savvy homeowners remodel, they are doing so with an eye to the future.



Cover Focus
With its Asian-influenced wall and window treatments, this bathroom melds a contemporary and futuristic design comfort and simplicity of line. Courtesy of the Kohler Co.

Successful Women of the South Hills
How Kathleen Refosco has built a career out of creating inedible mirages

SF Basketball
No failure in trying

Serious Business
South Fayette has become one of Pittsburgh’s hottest commercial development locations

Pucker the Polka Man
His foot-stomping playing has brought smiles to generations of East European immigrants

Whatever Happened to High-School Wrestling?
SF senior Tammy Veneski finds that bowling success comes naturally

Footloose

Think Spring with NJAHS

Student News

High School Student Makes CCAC Dean's List