Although many people don’t like to think about what will happen after they pass away, it’s crucial to do so. Estate planning lets you decide what happens to your assets when you pass on, or when you're no longer capable of making sound decisions. Here are some common questions people have when it comes to estate plans.

Common Questions About Estate Planning

What does estate planning entail?

Your estate plan will depend on the assets you own, as well as your goals and concerns. Typically, an advisor such as an estate-planning attorney will help you draft documents to protect your assets and wishes after you pass away or if you’re incapacitated. Designations and documents created during estate planning include wills, long-term care arrangements, powers of attorney, and guardianship arrangements. 

Why would someone need an estate plan?

Estate planning lets you convey how you want your assets handled and distributed when you pass on. It can benefit you even if you do not have a lot of properties. It's an effective way to avoid conflicts on how your estate is divided and allocated. You get to choose your beneficiaries, and you will also be able to protect your estate from taxes during the transfer process.

What happens if you die without a will?

In the absence of a will, your property will be distributed according to your state's descent and distribution laws. Generally, your spouse and children will be prioritized in the distribution, followed by other family members. While this ensures that your family gets a share of your property, it may not reflect your wishes. For instance, it may not have been your intention to leave your entire estate to your spouse if you don't have children. However, this will be the case if the intestate succession law in your state prescribes it.

Do you need a lawyer when crafting an estate plan?

A lawyer is not required during estate planning, but it is advisable to consult with one to ensure your documents are valid and legally binding. A reliable estate planning attorney will also guarantee that your estate plan fits your goals and situation. Having one minimizes the chances of you overlooking some details or committing wording mistakes that can lead to disputes and litigation in the future. 

Give yourself and your family peace of mind by adequately preparing for the future. The Law Offices Of Robert B. Liotta, Esq. in Lower Burrell, PA, can provide you with expert legal counsel when it comes to estate planning, making sure that your family members are taken care of even after you're gone. Call his office at (724) 334-9870 to schedule an appointment or visit his website to browse his services.