Do I need a will?
Planning for the eventuality of death can be a daunting task. Taking stock of ones life and disposing of your property may not be something you want to think of. However, neglecting to plan for how your property will be distributed could cause problems for your loved ones after your passing. Whether you need a will is dependent upon each individual’s circumstances. However, generally it is better to have a will than let your property fall to intestacy. That way your property will go to who you want and you can avoid placing additional burdens upon your loved ones in a trying time. A little planning now can go a long way. If you are thinking about whether or not a will is right for your situation, please contact our office for a free consultation.
How long does it take to draft a will?
Generally, the simpler the will is the quicker it is to draft. Simple wills could be completed within a few days after an initial meeting, but more complex wills could take weeks and multiple meetings. If you are thinking about creating your will, please contact our office for a free consultation and an estimate on how long it would take to draft your will.
What is the Pennsylvania inheritance tax rate?
An inheritance tax is imposed on every estate opened in Pennsylvania. How your property is distributed determines the amount of tax that is placed upon your estate. Below are the Pennsylvania inheritance tax rates:
0%- property transferred to a surviving spouse (i.e. husband/wife)
0%- property transferred to a parent from a child who is aged 21 or younger
4.5%- property transferred to direct descendants or lineal heirs (i.e.
parents, grandparents, children, grandchildren, etc.)
12%- property transferred to siblings (i.e. brother/sister)
15%- property transferred to all other heirs (i.e. aunts, uncles, cousins, friends, etc.)
Please note that some charitable organizations, institutions, and government entities are exempt from inheritance tax.
(current through October 20, 2017)