What are YOUR Estate Planning Needs?
Protect yourself and your family…
Do you need a Last Will and Testament?
Answer the following questions to find out.
1. Do you have children?
You can appoint a Guardian(s) to care for your minor children. Too often, young families do not plan for the unexpected. Avoid disputes between family members, which can cause undue hardship and stress for your children.
Designate who YOU would want to care for your minor children in the event of the painful loss of both parents.
You can also appoint a Trustee(s) to oversee the finances for your children. Proper planning can aid in helping your children have funds for educational needs and healthcare costs. Without designating an adult Trustee, you could be handing over financial responsibilities of your Estate to a teenage (or younger) child!
2. Are you married?
You can help your spouse during a very painful time if you have a properly prepared Last Will and Testament. A legal document can help simplify the Estate process, and eliminate unnecessary costs and time for your spouse.
You can appoint your spouse as Executor of your Estate, enabling them to more quickly and efficiently take care of the necessary steps to administer assets after you pass on. Proper appointments will allow funds to more quickly pass from one spouse to another.
3. Do you have children from another marriage?
Many families today consist of children from more than one marriage or relationship. Far too often, there are disputes within families when a parent passes away. The result can be unnecessary and excessive legal fees and court costs, and possibly your child not receiving finances or personal belongings as you would like. With proper direction, you can designate what you would like each beneficiary to receive from your Estate. It is important for each spouse to designate his and her wishes for each beneficiary.
4. Do you have grandchildren?
If you have grandchildren, you can list and specify the share to which each grandchild will be entitled from your Estate. Quite often, grandparents designate a percentage of their Estate to be given to grandchildren if their grown children have ample finances. By
designating beneficiary grandchildren, you could substantially lower estate costs and fees.
5. Do you have substantial investments?
If you have substantial assets and live in the Commonwealth of Pennsylvania, we can develop a Trust for your assets, in order to reduce Estate Probate costs and fees.
6. Do you have other loved ones, or charity wishes?
If you have never married, or are divorced or without children, a Last Will and Testament will allow you to designate specific beneficiaries or charities for your Estate. The lack of a Will could lead to a State Representative overseeing the distribution of your Estate, and excessive delay – with additional costs and fees going to the government!
If you answered “Yes” to one or more of these questions, then you need a Last Will and Testament. The professionals at Covelli Law Offices would be happy to help you through the process. Call us at 412-653-5000 for more information or to get started.
Do you need a Power of Attorney?
Answer the following questions to find out.
1. Do you have serious health problems or concerns?
Before you become either physically or mentally incapacitated, you can designate an Agent to act on your behalf. A properly prepared Healthcare Power of Attorney gives your Agent the authority and guidance to relay your specific wishes for medical treatment.
A Financial Power of Attorney document can give your Agent the ability to access your financial accounts and transfer real estate, so that finances can be taken care of during your incapacitation. You may also limit the scope of the power – for your own protection! Recent changes in Pennsylvania and Federal Law allow you to take greater control over your affairs during incapacitation. You can appoint a Temporary Agent, to ensure that your assets are protected for later distribution.
2. Do you have nursing home concerns?
Nursing home and long term medical care costs for the elderly can be overwhelming! Pennsylvania Law allows you to legally shield your assets and financial holdings from a claim by Medicaid.
An Income Trust allows you to avoid the government requirement that you “spend down” your estate, in order to pay for the cost of a nursing home.
If you answered “Yes” to either of these questions, then you need a Power of Attorney. Covelli Law Offices can help you with this and all of your legal affairs. Call us at 412-653-5000.