What Happens If You Don't Have an Estate Plan?
Posted on October 12, 2022
Everyone with assets should have an estate plan, including a will, power of attorney and healthcare power of attorney (at minimum). Creating a plan ensures your wishes are executed upon your death.
Other benefits of creating a will include:
- Reduce taxes paid by your beneficiaries
- Protect your assets for your family, including the next generation and beyond
- Protect your assets from unwanted creditors
- Provide for disabled family members
- Deal with blended families, second marriages, etc.
- Avoid intestate costs and property distribution
"Intestate" means a person dies without creating a will. Pennsylvania law dictates what happens to your assets should you be intestate.
The following chart shows what happens to your estate if you die intestate in Pennsylvania. (20 Pa C.S. § 2102 - 2103)
We can help you customize a plan based on your specific situation and what is most important to you and your family.
Contact us at 814-459-2800 to schedule a free evaluation and to learn how we can help craft an appropriate estate plan for you.
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