Estate planning is a critical part of protecting one's assets and providing for loved ones. Many decisions need to be made, including whether a will is adequate or if the Pennsylvania resident will benefit by creating a trust. These decisions can have a profound impact upon one's assets, how they are distributed and whether they are subject to estate taxes. There are many aspects to the estate administration and probate process that need to be taken into consideration.
There appears to be some confusion regarding the best way to handle one's legal estate. Some say that probate should be avoided while others insist that it is a necessary part of the process. The simple fact of the matter is that probate is simply the process in which the Pennsylvania resident's estate is transferred to beneficiaries.
Computers are now a part of everyday life. Rather than write out checks to pay bills, most Pennsylvania residents simply login online, view their paperless statement and make a payment via the internet. There is no longer an easily found paper trail of accounts the individual has and how they are handled. While this online activity is convenient for both the company and the individual, it can become an estate administration problem upon the death of the individual.
Death is a basic fact of life that should be planned for as any other life event. The majority of Pennsylvania residents will owe debts and own assets upon their deaths. How these assets and liabilities are then handled becomes a function of instructions in the individual's will and the probate process.
"What will happen to my possessions when I die?" This is a question that many Pennsylvania residents ask themselves; however, it is also a question that many do not take the time to answer completely. The answer depends upon one's estate plan, or lack of one. In order to answer this question, the first step is typically to create a will. With this will, when one dies, the estate administration process can begin.