Real Estate Clause In A Will In Philadelphia
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FAQ
When the owner of a house dies and there is a Will, the house will pass to the beneficiary named in the document. Once Probate court has validated the Will, the Executor can assist with transferring the property to the heir. This is typically the simplest way to transfer the home after an owner dies.
It is usually better for your heirs to inherit real estate at your death rather than to receive it as a gift from you during your life. This is because it is tax efficient for the property to pass at death due to the “stepped up basis” for capital gains tax purposes.
To do this, clearly identify the asset and to whom it should go upon your death. To name your home in your Will, simply provide the street address. For example, "My home located at 123 Main St I leave to my children, Ann, Sara, and Tom."
Simply put, in order for your will to be valid and enforceable in the state of Pennsylvania, you must meet the following criteria: You must be at least 18 years of age or older. You must be of sound mind and mental capacity. You must type or write out your will on paper.
The following are some of the most common assets with beneficiary designations, and therefore, such assets should not be included in your will: Retirement accounts, IRAs, 401(k)s, and pensions. Life insurance or annuity proceeds. Payable-on-death bank accounts.
A codicil to a will is a legal document used to make minor changes to your existing will without having to rewrite the entire document. It's a flexible tool for updating your estate plan when there are minor changes. Codicils must be executed with the same formalities as a will to ensure validity.
Designating beneficiaries on financial accounts, like bank accounts and retirement plans, is also a smart move. By naming beneficiaries, these accounts can transfer directly to them upon your passing, bypassing probate. In Pennsylvania, an estate needs to go through probate if it's worth more than $50,000.
The bequest clause directs who receives specific property or assets and how it will be distributed. The residuary clause indicates how any remaining property or assets that are not specifically bequeathed to individuals will be distributed.
Your land, houses, buildings, fences, or trees—anything permanently attached to the land—are all considered real property.
How long will probate take? Settling an uncontested estate takes anywhere from 9 months to 18 months. However, property can often be transferred before the probate process is fully complete.
