Most people don’t enjoy thinking about estate planning. It’s easy to put off decisions about what happens after we’re gone, especially when life is busy and there always seems to be something more urgent demanding our attention.
But creating a will isn’t really about preparing for death. It’s about protecting the people you love and making sure your wishes are known. A little planning today can prevent confusion, delays, and unnecessary stress for your family in the future.
The good news? Getting started is often much easier than people think.
What Is a Will?
A will, sometimes called a “Last Will and Testament,” is a legal document that outlines your wishes after your death.
A will can help you:
- Decide who receives your property and personal belongings
- Name guardians for minor children
- Provide instructions for caring for dependents or pets
- Identify someone you trust to carry out your wishes
- Help minimize disagreements among family members
Without a will, Pennsylvania law (assuming you are here in Pennsylvania) determines how your assets are distributed, which may not align with your personal wishes.
Why Having a Will Matters
Many people assume wills are only necessary for the wealthy. In reality, every adult can benefit from having one.
Imagine your family trying to make difficult decisions while grieving. Without clear instructions, loved ones may face:
- Delays in settling your estate
- Increased legal expenses
- Family disagreements
- Court decisions that may not reflect your intentions
A will provides clarity during an emotional time and helps ensure that the people and causes important to you are cared for according to your wishes.
An Important Fact Many People Don’t Know
While a will is an essential part of estate planning, some assets can transfer directly to beneficiaries without going through probate.
For example, Penlanco Federal Credit Union members can designate beneficiaries on many deposit accounts through an In Trust For (ITF) designation. Under Pennsylvania law, these types of account designations are generally considered non-testamentary transfers, meaning they typically pass directly to the named beneficiary upon the account owner’s death rather than through the probate process.
Benefits may include:
✅ Faster access to funds for loved ones
✅ Reduced probate administration for those assets
✅ A simple way to communicate your wishes
✅ Easy updates if your circumstances change
Keep in mind that beneficiary designations can have significant estate-planning consequences and may supersede instructions contained in a will for those specific assets. Consider reviewing your beneficiary designations regularly, especially after major life events such as marriage, divorce, the birth of a child, or the death of a beneficiary.
If you’re unsure whether your Penlanco FCU accounts have beneficiaries listed, contact us or stop by our office. We’ll be happy to explain your options.
Ways to Create a Will
Fortunately, creating a will doesn’t have to be complicated. Here are several options to consider:
1. Create Your Own Will
If your financial situation is relatively simple, you may choose to draft your own will using a template or online resource.
However, every state has legal requirements that must be followed for a will to be valid. Before relying on a self-prepared document, consider having it reviewed by a qualified legal professional.
2. Use a Free Online Will Service
Many individuals can create a basic will using free online tools.
One option is FreeWill, via their partnership with the United Way, to provide a no-cost online estate planning tool. In many cases, users can complete a simple will in less than 30 minutes.
3. Check Your Employee Benefits
If your employer provides life insurance benefits, you may already have access to estate planning resources at no additional cost.
Many insurance providers offer:
- Online will preparation tools
- Estate planning guidance
- Beneficiary planning resources
Review your benefits package or contact your HR department to learn what’s available.
4. Work with an Estate Planning Attorney
For individuals with more complex situations, an attorney may be the best choice.
You may want professional guidance if you have:
- Minor children
- Blended families
- Special-needs dependents
- Family-owned businesses
- Multiple properties or significant assets
- Complex family dynamics
An attorney can help ensure your estate plan is tailored to your specific circumstances and complies with Pennsylvania law.
Don’t Forget About Other Important Documents
A complete estate plan often includes more than a will.
Consider discussing these documents with a legal professional:
- Financial Power of Attorney
- Healthcare Power of Attorney
- Living Will or Advance Healthcare Directive
- Beneficiary designations on financial accounts and insurance policies
Together, these tools can provide guidance not only after death, but also if you’re unable to manage your affairs during your lifetime.
Helpful Estate-Planning Resources
- Will Preparation: FreeWill via the United Way – https://partner.freewill.com/unitedway
- Connect with an Attorney: Pennsylvania Bar Association Lawyer Referral Service – https://www.pabar.org/site/For-the-Public/Find-a-Lawyer
Take the First Step Today
Estate planning isn’t something most people look forward to, but it’s one of the most meaningful gifts you can leave behind.
Whether you choose a free online tool, work with an attorney, or simply start by reviewing the beneficiaries on your accounts, taking action today can provide peace of mind for you and your loved ones tomorrow.
At Penlanco Federal Credit Union, we’re committed to helping members build financial security at every stage of life. If you’d like to review beneficiary options on your accounts or learn more about our complimentary notary services available to members, stop by our office or contact us. We’re here to help.
Important Disclosure
This article is provided for general educational and informational purposes only. Penlanco Federal Credit Union, its employees, and representatives are not attorneys and do not provide legal, tax, or estate-planning advice. The information presented here should not be relied upon as a substitute for professional legal counsel.
Estate-planning laws vary by state and individual circumstances. Before creating, modifying, or relying on a will, trust, beneficiary designation, power of attorney, or any other estate-planning document, you should consult with a qualified Pennsylvania attorney or other appropriate professional advisor.
Adding a beneficiary or In Trust For (ITF) designation to an account may affect how those funds transfer upon death and may have legal and tax implications. Members should consult their own attorney or tax advisor regarding their specific circumstances. Pennsylvania law recognizes certain beneficiary and trust account arrangements as non-testamentary transfers.