It Is Time to Create a Will
A last will and testament, also known as a will in Bucks County, Pennsylvania, is a document that controls the disposition of your probate assets. Probate assets are those assets that will pass under your will and through the executor’s hands to their final destination. Non-probate assets include assets with beneficiary designations, joint assets, assets owned by trusts, and other assets.
Pennsylvania wills must be drafted and executed according to Pennsylvania law. In order for a Bucks County resident to sign a will, he or she must have testamentary capacity. Testamentary capacity requires that the Bucks County resident know of his or her assets, his or her descendants, and other important factors.
When drafting a Bucks County will it is important to consider and plan for all possible tax consequences including Pennsylvania Inheritance Tax, Federal Estate Tax, U.S. Gift Tax, Generation Skipping Tax, and Income Tax. Michael J. Saile, Esq. has been drafting complex estate plans, including wills and trusts, for over thirty years. Mr. Saile has an advanced law degree (L.L.M.) in taxation and has educated other lawyers and financial professionals through his many estate planning seminars.
In order to ensure that your assets pass to the proper beneficiary and to ensure that you minimize any applicable estate tax, retain an experienced Bucks County estate planning lawyer to prepare your Bucks County will.