Making sure your loved ones are provided for after you’re gone is a top priority, which is why estate planning is so important. Without a last will and testament, it would be up to the court to decide how assets are divided among your surviving family. To ensure your wishes are granted, consider these essential estate planning do’s and don’ts. 

Do:

Try to avoid probate. 

Assets are legally transferred to beneficiaries as the final step in the court-supervised probate process. First, the validity of the will is proven, and all debts on the estate are settled. This means it could take a few months or longer for loved ones to collect their inheritance. Probate is only required when assets are solely owned by the deceased. By owning joint property, setting up beneficiary designations on accounts, or putting property in a trust, the assets will go directly to the surviving title holders when you die. 

Choose an executor carefully. 

Naming an executor is a crucial step in estate planning, as this person is responsible for following through with your last wishes, as well as ensuring all debts are settled and taxes on the estate are paid. The individual should be trustworthy, organized, and meticulous when it comes to financial matters. If you don’t believe a family member possesses these characteristics, you can appoint an attorney, bank, accountant, or trust company to serve as the executor. 

Don’t:

Forget to include your pets in your plan.

Your pets are part of your family, so don’t leave them out while estate planning. These animals are considered personal property, and you can transfer ownership of them to a friend or family member in your will. With a pet trust, you can set aside funds that go towards the animal’s care, relieving your loved one of the financial burden.  

Put off estate planning. 

You can’t predict the future, which is why you shouldn’t put off estate planning. By starting the process now, you can rest easy knowing loved ones that depend on you financially won’t be left in an even more difficult situation if you’re gone. You can also name guardians for minor children to ensure they grow up in a loving, supportive home.

For estate planning assistance and legal advice, consult the attorneys at Ferraro Kruk & Ferraro, LLP in Brockway, PA. With decades of experience serving clients in Jefferson County, the counselors at this family-run firm are well-versed in estate and property law. This makes them qualified to ensure your will and living trust are arranged according to legal requirements. To schedule a consultation, call (814) 268-2202. Learn about additional practice areas online.