Answering Your Estate Planning Questions
Many people have a general, if limited, understanding of what estate planning involves. Estate planning encompasses much more than the creation of a will, and families and individuals from all walks of life can benefit from a wide range of estate planning tools. I am attorney James S. Vergotz, and I help clients across Pittsburgh and throughout western Pennsylvania with all of their estate planning matters. To learn more about my services, call me at 412-366-0510.
The following are some of the frequently asked questions people have about the estate planning process. Remember, everyone’s situation is unique, and nothing can replace the one-on-one advice that you receive from an experienced lawyer.
What Does An Estate Plan Cover?
When a person passes away, his or her assets must be distributed to another person or institution. If a person has not created a will outlining his or her wishes, a part of probate law called “intestacy” will determine where his or her assets go.
At a minimum, estate planning enables a person to determine how his or her assets should be passed on. A more comprehensive estate plan could involve strategies that are designed to minimize tax implications and settlement costs.
An estate plan does not have to be limited to actions that will take place after a death. A comprehensive estate plan could direct you to take certain actions while alive, but should also outline your desires should you ever become incapacitated and unable to make decisions on your own.
Why Do I Need An Estate Plan?
Many people think estate planning is only for the well-to-do with significant assets. The fact is, estate planning can benefit you no matter what your situation may be. If you are married or have children, do not assume that the law will automatically pass your possessions on to your wife or your children in the way or in the amounts you want them to have. Many survivors have experienced unpleasant surprises when the state’s intestacy laws do not operate how those families would have expected.
An estate plan may be thought of as a type of insurance policy. It can help ensure your wishes are carried out and your family’s future will be accounted for.
What Things Make Up My Estate?
Your estate encompasses all of your worldly possessions, and may include your home, business interests, bank accounts, retirement accounts, life insurance policies and other assets. The actual assets that make up your probate estate and governed by your will may differ and is called your probate estate.
What Estate Planning Documents Should I Possess?
The type and amount of estate planning documents that you should have in hand depend on your goals. In general, a comprehensive estate plan may include, a will, trust, and financial and health care powers of attorney.
When you meet with me, we can discuss what you hope to achieve with an estate plan, and I can explain the various options available. I will work closely with you to ensure that your plan is tailored to fit your unique circumstances.
Contact An Estate Planning Lawyer In Pittsburgh
For answers to your specific questions, I invite you to call me at 412-366-0510. You may also contact me online. I am licensed in Pennsylvania and Florida, enabling me to handle issues for people who have property in both states.
