Key Considerations for Drafting Effective Wills and Trusts
Sept. 19, 2025
Drafting an effective will or establishing a trust can serve as practical ways to make sure your assets are distributed according to your wishes and minimize potential disputes after your passing. However, when creating a will or trust, it’s essential to have a clear understanding of estate planning laws and requirements in Pennsylvania.
At Iwanyshyn & Associates, our attorneys are experienced in helping our clients plan for their future and protect their family’s legacy. While Pennsylvania’s estate planning laws can be complicated, we will help you explore some of the key considerations for creating effective wills and trusts that align with your personal goals.
An Overview of Estate Planning in Pennsylvania
Estate planning involves creating legal documents that outline how your assets and property will be distributed after your death. This can include wills, trusts, powers of attorney, and other important documents that make sure your wishes are carried out according to your specifications after your passing.
The Role of a Will in Estate Planning
A last will and testament is a core document in an estate plan that outlines how you want your assets to be distributed after your death. It also allows you to name guardians for any minor children or loved ones who may need special care.
Pennsylvania's laws require certain formalities for a will to be considered valid. This includes signing the will in the presence of two witnesses who must also sign the document. It is important to review and update your will regularly, especially when there are changes in your family or financial situation.
The Role of a Trust in Estate Planning
A trust is a legal arrangement where you, as the grantor, transfer your assets to a trustee who manages and distributes them to designated beneficiaries according to your instructions. A primary benefit when creating a trust is that certain trusts allow your assets to avoid probate, which can save time and money for your loved ones.
A trust can also provide protection for your beneficiaries. For example, if you are concerned about your beneficiaries' ability to manage their inheritance, you can set up a trust that distributes assets over time or appoints a trustee to manage the funds for them. This provides financial security for your beneficiaries and prevents them from making rash decisions with their inheritance.
Considerations for Drafting Wills & Trusts
When planning for the future, it's important to consider all aspects of your estate, including your will and trust. These legal documents play a crucial role in distributing your assets according to your wishes and providing financial security for your loved ones. Some key aspects you should consider when setting up these accounts include the following.
Make Sure Your Will Meets Pennsylvania’s Legal Requirements
To create a legally binding will in Pennsylvania, a will must be written and signed by the person creating the will (testator) and witnessed by two competent individuals. The testator must be at least 18 years old and of sound mind when drafting the will. Being of sound mind means that the testator fully understands the nature of their assets, their relationships with beneficiaries, and the legal consequences of the document.
Although Pennsylvania does not require wills to be notarized, adding a self-proving affidavit can streamline probate by eliminating the need for witnesses to testify after your passing. Adhering to these formalities is essential to avoid potential challenges to the will's validity.
Choose the Right Executor
An executor is responsible for administering your estate and making sure your assets are distributed as outlined in your will. This role requires significant responsibility, so it’s important to select someone who is trustworthy, organized, and capable of navigating legal and financial obligations.
When naming an executor, consider their willingness to take on the role, their relationship with your other beneficiaries, and their ability to remain impartial. It’s also advisable to name an alternate executor in case your primary choice is unable or unwilling to serve.
Craft a Trust for Enhanced Flexibility
While a will outlines your specific wishes for asset distribution, a trust offers additional flexibility and control over how and when your assets are distributed. Trusts can also help you minimize probate costs and protect your beneficiaries from unnecessary financial or tax burdens. Pennsylvania recognizes several types of trusts, including the following.
Revocable living trusts: These allow you to maintain control of your assets during your lifetime while enabling a smoother transfer of property upon your passing.
Irrevocable trusts: These provide certain tax advantages but typically require you to relinquish control of the assets placed into the trust.
Special needs trusts: If you have loved ones who have disabilities, a special needs trust can provide financial support without jeopardizing eligibility for government benefits, such as Medicaid or Supplemental Security Income (SSI).
Understand Pennsylvania’s Inheritance Tax
Pennsylvania is one of the few states that levies an inheritance tax, which applies to the transfer of assets after someone passes away. The tax rate varies depending on the relationship between the deceased and the beneficiary. For instance:
Transfers to a spouse or a parent (if the decedent was under 21): 0%
Transfers to direct descendants (children, grandchildren): 4.5%
Transfers to siblings: 12%
Transfers to other heirs, including friends or distant relatives: 15%
Proper planning can help reduce the impact of inheritance taxes. Certain assets, like jointly owned property or life insurance proceeds, may be exempt from inheritance tax if structured appropriately. Work with an experienced estate planning attorney who can help you consider these exemptions and strategies.
Keep Your Beneficiaries Updated
Over time, life events such as marriage, divorce, the birth of children, or the purchase of new property may necessitate changes to your will or trust. Regularly review and update these documents to make sure your estate plan reflects your current intentions.
Additionally, it’s vital to coordinate your beneficiary designations on retirement accounts, insurance policies, and other payable-on-death accounts with your will or trust. Discrepancies between these designations and your documents can lead to unintended outcomes or disputes among heirs.
Protect Minors and Dependents
If you have minor children or dependents, wills and trusts can help ensure their care and financial stability. Through your will, you can name a guardian to care for your children if you are no longer able to do so. Selecting a guardian is a deeply personal decision requiring you to weigh a potential guardian’s values, circumstances, and ability to provide a stable home.
If minor children are named as beneficiaries, funds can be placed into a trust until they reach an age at which you believe they can responsibly manage the inheritance. Remember, you will also need to appoint a trustee to manage these funds on their behalf.
Contact Trusted Estate Planning Attorneys Today
Estate planning is not a one-time task. Instead, it's an ongoing process that involves adjustments as your life circumstances and financial situation evolve. Having an experienced attorney by your side can help your estate plan comply with Pennsylvania laws while addressing your unique family and financial dynamics.
At Iwanyshyn & Associates, we prioritize helping our clients protect their assets and secure their legacy. With locations in Allison Park and Conway, we serve clients throughout Pennsylvania, including Cranberry Township, Butler County, Beaver County, and the surrounding areas.
If you’re ready to begin drafting a will or setting up a trust, reach out to us today. We will guide you through the estate planning process with care and attention to detail. Schedule a consultation with us today.