When parents in Pennsylvania have a lot of debt, they may worry about whether or not this will pass on to their children. The short answer is that it depends, but on what? It depends on whether or not the child or anyone else cosigned on the debt. If so, the living cosigner may now become responsible for the debt.
Some people in Westmoreland County will try various means to avoid sending their estate through probate. One way is to simply give your beneficiaries the assets and property you want them to have before you die. It seems simple enough, but like any legal matter concerning your estate, you need to consider the pros and cons of going through with giving away your Pennsylvania property in the forms of gifts.
While the worst mistake a person can make is having no estate plan in place at all, many other mistakes will prevent your estate from being administered correctly, or they can even harm your loved ones or cause contention in your family. Along with professional legal guidance, the following tips can help you create a solid plan that your family can live with.
People set up estate plans for different reasons. Some people wish to support a cause they strongly believe in by passing down assets, while others want to ensure that their marital partner will have the financial resources they need should they become widowed. However, estate planning matters can be especially important for parents. As a parent, you likely have a number of concerns when it comes to your child’s future, but there may be certain ways to find reassurance that they will have the resources they need, such as including them in your estate plan.
The end of a marriage can have an impact on an entire family in many ways. For example, in-laws may no longer see their loved one’s former spouse and kids may spend less time with one of their parents. There are other ways in which filing for a divorce can affect loved ones, however. For example, someone who has a will may need to make a number of revisions to their estate plan after they move on from their spouse. Moreover, it may be necessary to discuss your estate plan with relatives after your divorce.
People in Pennsylvania who have been appointed executor of an estate might wonder what their duties are. The job of an executor is to locate the will and any other relevant estate planning documents, locate and protect assets, pay creditors and taxes, and distribute assets to beneficiaries. This is a significant responsibility, and an executor may want to work with an attorney throughout the process.
How a deceased spouse's debt will be handled in Pennsylvania will depend on several things. It is important for people to understand how this works may be handled so that they might protect their family members after they pass away.
Pennsylvania residents who go through the sometimes difficult task of estate planning deserve the thanks of their spouses and beneficiaries. However, they may not be deserving of such thanks from the executor of their will. This individual often faces many tasks that can sound simple enough when stated but are made difficult through poor planning. The testator who goes to great lengths to keep assets out of probate and limit the burdens faced by heirs can also make the executor's job easier with a few extra steps.
It isn't uncommon for Pennsylvania residents to overlook beneficiary designations when they are making an estate plan. This may be because they are but one of numerous decisions that a person must make when setting up a retirement or brokerage account. In some cases, many years may go by before such a designation is reviewed. In that time period, it is possible that a person's needs have changed significantly.
Pennsylvania residents who are chosen as an executor under a decedent's will are required to act in a fiduciary capacity. They should be aware of their duties and must take several steps to distribute the assets in the manner dictated by the testator.