17 - Understanding Your Last Will and Testament
Bellomo & Associates
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Apr 05, 2023
Pennsylvania - South Central PA
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Episode Summary
A “last will and testament” (or the lack of one) largely determines who gets our or our loved one’s assets after death. Also, a will is subject to state laws that guide when and how our assets are distributed. It’s an important document, so it’s important to understand how a will ensures that our wishes are put into motion.
Jeff explains what a will is, what it covers, and the protection it provides. He describes what to expect when it’s time to file a will with the court. And, based on his experiences, Jeff shares sound advice for how to store our documents and when to update them. It’s an informative discussion on one of the best ways we have to create peace of mind.
Key Takeaways
01:23 – What is a will?
A “will” is a document, also known as a “last will and testament”
The will defines who gets what, when, and how
The executor/executrix must file a “probate petition” and meet with the court
The “letters testamentary,” issued by the Register of Wills Office, confirms the validity of the will and gives the executor authority to take control of the testator’s estate
Once authority is granted, the executor may carry out the testator’s wishes based on information in the will
“Intestate succession” means that the decedent did not leave a will, in which case the court determines the administrator (similar to an executor) and how the estate will be handled
04:20 – What assets are covered by a will?
A will covers any asset that is owned solely by the testator and does not have a designated beneficiary
A will must go through probate
The probate process ensures that the appropriate taxes, notices, and other obligations are handled in a timely fashion and in accordance with the state’s rules
Probate is neither good nor bad, but avoiding probate can leave assets unprotected
07:22 – How and when should a will be stored, updated, and filed?
A will gets filed with the court after death
The will filed with the court must be the original, not a copy
Until the will is filed, be sure the original document is kept in a safe, secure location
We recommend updating a will if the testator moves to another state after creating or last updating the will
We strongly recommend updating the financial power of attorney if the testator moves to another state
17:02 – Do wills need to be notarized?
Wills do not need to be notarized
“Self proving of a will” means that the testator and witness signatures have been notarized
If not notarized, people must swear an oath to the validity of the signatures when the will is filed with the court
Coordinating the witnesses to swear an oath can delay the process, so we recommend that wills are notarized
Links and Resources Mentioned
Bellomo & Associates workshops, including Medicaid: https://bellomoassociates.com/workshops/
For more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
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LinkedIn: https://www.linkedin.com/in/bellomoandassociates
- To view the original version of this article visit www.youtube.com/watch?v=FJsvWt2rWsE&list=PL7k7-MvzIrRgmTeFTi7RMP8vGjYar10V3&index=14
- Seniors Blue Book was not involved in the creation of this content.
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Local Services By This Author
Bellomo & Associates
Estate Planning 3198 E Market St, York, Pennsylvania, 17402We Educate so what happened to the Bellomo Family doesn't happen to yours!Our firms mission is to ensure that you and your family never needlessly, painfully suffer. Every team member has a personal story that has brought us here to advocate for you and your family. We want to replace your burden with peace of mind. We have the answers, but more important, we have your back.Bellomo & Associates, LLC advises Individuals and families, business owners, senior citizens, and their families about the estate planning and elder law challenges facing them today. For seniors and their families facing the issues of aging, or for those of any age who wish to protect their familys financial future, we counsel clients and provide solutions on Asset Protection; Specials Needs Trusts; Wills; Trust Design; Medicaid; Estate Planning; Nursing Home Matters; and Estate Administration. For our clients who own businesses, our team assists them with succession planning for their business in conjunction with their estate planning. We have office locations in York, PA, and Lancaster, PA.We offer FREE workshops! Our workshops are fun and entertaining ways to learn! We provide you with the information to decide what is right for you. If after attending, you decide we arent the right fit no problem! Youll never feel any pressure from our team.