Insights

Media coverage of recent high-profile celebrity deaths may prompt people to take inventory of their own estate plans. Executing an updated will helps you and your family to prepare for the unexpected. Not having a will can have unintentional consequences on your estate.

It is a common misconception that a surviving spouse automatically inherits all of the property of their deceased spouse; however, this is only true of jointly owned property. If a person dies without a will, the laws of the state of residency dictate how assets will be distributed. Without a will, property could pass to family members with whom the deceased no longer maintains a relationship. Executing a will prevents uncertainty and allows a person to provide for family, friends or charities of their choosing rather than having the possibility of an estranged family member inheriting the estate.

A will also outlines other matters of importance such as who will administer the estate. If the decedent does not have a will he or she cannot name the person who will take charge of the estate. If there are minor children, a will would provide for the person to care for them if both parents are deceased. The deceased, through a will, can also provide for trusts for children so they do not receive a windfall at a young age. With a will, the deceased can specify at what age children should receive an inheritance, and name person(s) to manage it until that time.

Schneider Downs provides accounting, tax and business advisory services through innovative thought leaders who deliver the expertise to meet the individual needs of each client. Our offices are located in Pittsburgh, PA and Columbus, OH.

This advice is not intended or written to be used for, and it cannot be used for, the purposes of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or
recommending to another person, any tax related matter.

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