17 - Understanding Your Last Will and Testament

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.   

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