Pennsylvania Association of Community Bankers
  • Home
  • About PACB
    • Our Team
    • Board of Directors 2022-2023
    • PACB Services, Inc.
    • Hall of Fame
    • Contact
  • Membership
    • Benefits of Associate Membership
    • Become A PACB Member!
    • Member Listing
    • Member Login
    • 2023 Sponsorship Opportunities
    • PACB INSPIRE Awards
    • PACB Job Board
    • PACB Connected Community Portal
  • Advocacy
    • PACB Advocacy and Issues
    • Capitol Connect - PACB Podcasts
    • Legislative Events
    • PACB Advocacy Events
    • Legislative Update Calls
    • FIRSTPAC
    • Legislative Column
    • Grass Roots Lobbying
    • ICBA Community Bank Advocacy
  • Education
    • Education & Event Calendar >
      • Be a PACB Speaker
    • Webinars
    • On-Demand Virtual Programming
    • NextGen"U"
    • Next Gen U - Fall 2022 Special Pricing Program
    • ICBA Community Banker U
    • PACB Foundation Scholarships
    • Center for Financial Training
    • SBS Institute Certification Programs
  • Communications
    • News
    • PACB CONNECT!
    • PPP News & Information
    • Coronavirus Resources
    • Consumer Services >
      • Consumer Tips
    • Hometown Banker Magazine
    • Hometown Banker Website
    • Social Media
    • Photo Galleries
    • Video Collections
  • 2023 Convention
    • 2023 Attendee Information
    • 2023 Exhibitor Information
    • 2023 Sponsorships
  • Advertising Opportunities
  • Home
  • About PACB
    • Our Team
    • Board of Directors 2022-2023
    • PACB Services, Inc.
    • Hall of Fame
    • Contact
  • Membership
    • Benefits of Associate Membership
    • Become A PACB Member!
    • Member Listing
    • Member Login
    • 2023 Sponsorship Opportunities
    • PACB INSPIRE Awards
    • PACB Job Board
    • PACB Connected Community Portal
  • Advocacy
    • PACB Advocacy and Issues
    • Capitol Connect - PACB Podcasts
    • Legislative Events
    • PACB Advocacy Events
    • Legislative Update Calls
    • FIRSTPAC
    • Legislative Column
    • Grass Roots Lobbying
    • ICBA Community Bank Advocacy
  • Education
    • Education & Event Calendar >
      • Be a PACB Speaker
    • Webinars
    • On-Demand Virtual Programming
    • NextGen"U"
    • Next Gen U - Fall 2022 Special Pricing Program
    • ICBA Community Banker U
    • PACB Foundation Scholarships
    • Center for Financial Training
    • SBS Institute Certification Programs
  • Communications
    • News
    • PACB CONNECT!
    • PPP News & Information
    • Coronavirus Resources
    • Consumer Services >
      • Consumer Tips
    • Hometown Banker Magazine
    • Hometown Banker Website
    • Social Media
    • Photo Galleries
    • Video Collections
  • 2023 Convention
    • 2023 Attendee Information
    • 2023 Exhibitor Information
    • 2023 Sponsorships
  • Advertising Opportunities

Consumer Tips

Preparing Your Will

10/6/2015

 
Picture of a last will and testament that has a pen, a pair of glasses, and a seal sitting on top of it
Writing your will isn’t a task anyone looks forward to doing. You’re not only acknowledging your own inevitable demise but actively planning for it. In fact, an AARP survey found that two out of five Americans over the age of 45 don't have a will. However, creating a will is one of the most important things you can do for your loved ones.
​
By placing your wishes on paper, you help ensure that your heirs avoid unnecessary hassles and that a life's worth of possessions end up in the right hands. While preparing a will may seem like an overwhelming task, in most cases it is simple and straightforward. Below are tips to help you get started.

Options for Creating Your Will
Hiring a lawyer is the surest way to get peace of mind that your wishes will be fulfilled. The cost can vary depending on the experience of the lawyer, the complexity of your estate and the going rates in your area. If you live in a metropolitan area, call around to see if you can save money with a lawyer in a nearby small town. If you belong to a group legal service plan, a simple will may be offered at a reduced price or even free. You can also check with your state's bar association for an attorney or legal clinic in your area.

In the last couple of decades, several Internet-based products have become available that allow consumers to create their own will. Also, it is strongly advised that spouses create separate wills, rather than a joint will.

Think About the Small Stuff

While partners generally list each other in their wills, it’s helpful to prepare for the situation if you and your partner pass away at the same time by naming the beneficiaries in that instance. Retirement accounts and life insurance policies name beneficiaries and aren't typically included in wills. If you want to leave sentimental items to particular people, specify that in your will, not in a non-binding note left with your will.

If you are a small business owner, talk to your accountant, banker and lawyer about what will happen to your business after your death to help avoid hardship for family and employees.

Name a Guardian

For parents it is extremely important that your will names a guardian for your minor children. Otherwise, a court will make this decision after your death. While it’s an enormous decision, it’s certainly one you would like to make rather than have made for you should a tragic event occur.

Name an Executor

In your will, you will also need to name the executor. This is the person who carries out the wishes stated in your will and wraps everything up after your death—paying taxes and debts, distributing the property in your will, closing your accounts, etc. This person needs to be responsible and trustworthy.

Updates to Your Will

It’s important to keep your will accurate and up to date. Because life changes very well may occur after you draft your will, it is important to review it periodically and amend when necessary.

Where to Store Your Will

You may store your will in a safe deposit box or a waterproof and fireproof safe in your house. Many attorneys will store clients' wills. Just remember, your executor will need access to it after your death.

Big picture—creating a will isn’t fun for anyone but it’s easier than you think. You just need to sit down and do it.

This information is provided with the understanding that the association is not engaged in rendering specific legal, accounting, or other professional services. If specific expert assistance is required, the services of a competent, professional person should be sought.


Provided as a public service by the Pennsylvania Association of Community Bankers.

Comments are closed.

    Author

    Write something about yourself. No need to be fancy, just an overview.

    Archives

    December 2017
    November 2017
    August 2017
    July 2017
    June 2017
    April 2017
    March 2017
    January 2017
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    March 2016
    February 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    June 2015
    May 2015
    March 2015
    February 2015
    January 2015
    December 2014
    October 2014
    August 2014
    June 2014
    April 2014
    February 2014
    October 2013
    September 2013
    May 2013
    April 2013
    March 2013
    October 2012
    September 2012
    August 2012
    July 2012
    May 2012
    April 2012
    March 2012
    November 2011
    October 2011
    September 2011
    August 2011
    June 2011

    Categories

    All
    Budget
    Charity
    Children
    CHIP
    Christmas
    College
    Community Banking Month
    Consumer Tips
    Credit
    Debit
    Debt
    Disaster Preparedness
    Donations
    Elderly
    EMV
    Financial Literacy
    Fraud
    Healthcare
    Insurance
    Investment
    Legal
    Loan
    Mortgage
    Overdraft
    Overdraft Protection
    Recession
    Retirement
    Security
    Technology
    Travel
    Will

    RSS Feed

Upcoming Events


PACB Services, Inc. Preferred Providers

Pennsylvania Association of Community Bankers  
800 N. 3rd Street, Suite 304
Harrisburg, PA 17102


​Phone: (717) 231-7447

pacb@pacb.org | sitemap
(C) All Rights Reserved
​Our Privacy Policy
      Our Copyright Policy
Picture
"To empower community banks to make positive impact within the communities they serve."