Wills and Why You Need One

Opsitnick & Associates recently partnered with Pittsburgh area investment and insurance broker Rick Smith to present a live program for millennials. An enthusiastic group gathered at the Full Pint Wild Side Pub in Lawrenceville for an evening of information and conversation, as well as Full Pint’s distinctive beers and food.

Margo and I spoke about Wills and why YOU need one. Here are the bullet points, that YOU should consider;

– YOU can DIY. That’s right, you can write your own will, stating what happens to your assets at your death, and sign at the bottom. This is a valid probatable will.  I don’t recommend this at all, but you can do it. No witnesses are needed.

– There is no right or wrong way to prepare your will. How do you want your assets to go and who you select to administer your estate should be your choice solely. Remember, no one need see your will until probate and you won’t be alive at that time.  Do not worry about offending anyone.

– YOU can make both specific gifts, of personal and real property and and money. You are limited to more general bequests, for example, my estate shall be divided evenly among…

– YOU have the power to name an executor, the person who has the legal obligation to handle your affairs after death. Name someone that you trust.

– YOU can appoint a guardian of the estate of any minors that would take under your will. Remember, you might now have children, but you may have children in the future and you have young friends, nieces and nephews whose assets need suprervision. If YOU already have a child, then you can appoint a guardian of their person, to act as a parent if both parents die while the child is still a minor.

– YOU can provide for pets, that is who gets a pet and, if desired, providing for pet care funding.

– YOU can eliminate someone in your will. For example, if you have three siblings and only want two siblings to take, the third sibling should be mentioned as not taking under your will. There can be no mistake of your intentions.

– YOU can make charitable gifts. You are not limited to individuals.

– YOU have more assets that you think and will aquire more. Preparing a will today avoids potential chaos in the future.

Should YOU have any questions about a will please contact us.

– Allan Opsitnick

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Author: opsitnickslaw

Allan J. Opsitnick J.D. and B.A. Degrees, University of Pittsburgh

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