The holiday season is giving way to a new year. And you might have some resolutions in mind. For instance, you may resolve to exercise more, save money, or take the vacation that you have been putting off. These are all great goals. However, if you do not yet have a will, living will, and power of attorney, creating these documents should be on top of your list. In this blog, we will focus on why it is important to have a last will and testament.
While it might not seem a common resolution, having a last will and testament properly prepared by legal counsel can be crucial for your long-term security and to protect your family when you are gone. Here are three reasons why you should create a will in 2026.
Plan for the inheritance tax
Pennsylvania is one of the states that imposes a mandatory inheritance tax on nearly all assets passed to heirs. In Pennsylvania, rates are determined by the relationship between the decedent and the inheriting party. These are some of the rates:
- 0% on transfers to a surviving spouse, or from a child aged 21 or younger to a parent
- 4.5% on direct descendants
- 12% on siblings
A will that considers the applicable inheritance tax can include specific provisions on how it should be paid, so your loved ones will not be shocked by a sudden tax bill from the Department of Revenue. Moreover, we can give authority to the executor to prepare a single tax return for all the heirs of your estate. This can save you money, as well as spare unsophisticated heirs from having to file an inheritance tax return on their own.
Appoint a guardian for your children
If you want to ensure that your children grow up with a person of your choosing, a will is a good legal resource to nominate a guardian for them. While such a provision is not binding in all instances, expressing your desires clearly can help to determine who will raise your children in your absence.
Streamline the probate process
Pennsylvania law allows for a “self-proving will”, which includes an affidavit signed before a notary. This document can be a relief for your family, as self-proving wills spare your family from the often difficult process of tracking down witnesses to prove the will’s validity. Having a properly prepared self-proving will can also avoid delays in court.
Start 2026 by getting your affairs in order for your own peace of mind and for the sake of your loved ones. Talk to a Pennsylvania estate lawyer and cross this resolution off your list.
