Estate Planning Checklist: Are Your Affairs In Order?

Are you interested in planning an estate? Many people do not know where to begin or where to turn to ensure that their estate planning goes off without a hitch. At Temple & Frayer Law Office, we stand ready to provide our clients with relevant and understandable information that will guide them throughout the estate planning process. Our firm has been able to provide our clients with satisfactory wills, trusts and probate protection for over 40 years. When you are ready to pursue a will, living trust or are ready to make an amendment to your already existing documents, you can turn to our Pittsburgh estate planning attorney for the help you need.

We understand that your family’s future and wellbeing are important to you, and at Temple & Frayer Law Office, we are equally as concerned with helping you and the future of your loved ones. The sooner you act to ensure that your affairs are in order, the more peace and assurance you will have in your day-to-day life knowing that your family will be taken care of in the event of your passing.

If you are interested in obtaining or starting a will or living trust, review the following checklist and do not hesitate to contact our team to get started.

• Create a will or living trust. Speak with an attorney regarding your situation and what goals you may have about your will. Determining what will be done with your possessions after you pass and who will take guardianship of minor children is important, and a lawyer can help you outline all of these terms in a will. By holding your property in a living trust, you can save your loved ones time and money by avoiding the probate process altogether
• Write out your health care directives. This step will protect you if you are unable to make medical decisions for yourself in the future. A health care directive typically includes a health care declaration, also known as a living will, and a power of attorney for health care.
• In the event that you become unable to make decisions regarding your finances and your property, it is important to appoint someone as power of attorney. These individuals are usually spouses or family members.
• Establish a trust and determine your net worth. By determining a trust, you will be able to designate beneficiaries and list minor children as recipients of heirlooms and insurance payouts. Make sure that you take into consideration your personal effects, such as jewelry or collectibles, and distribute them through your revocable living trust and specify who should get this property.
• Make a list of business transactions and expenses such as debts and loans that will need to be administered and dealt with after your passing. You may wish to address areas such as federal loans and payment.
• Consider life insurance. If you own a home or have significant debts or estate tax that may be present when you die, you should consider life insurance as a means to provide for your children.
• Protect your business. If you are the sole owner of a business, you should make a succession plan to ensure that your business ends up in the right hands. If you are a co-owner of a business, you can arrange for a buyout agreement in the event of your passing.
• Consider funeral costs and expenses. If you list in your will how you would like your remains to be buried or the total cost of a funeral, it may relieve unnecessary stress on family members and survivors.
• Store your documents in a place where your attorney-in-fact and your executor can access them. These documents include your will, trust, insurance policies, certificates for stocks or bonds, real estate deeds, and information on bank accounts, retirement plans, credit cards, mortgages and loans, utilities, IRAs and safety deposit boxes.

How The Temple & Frayer Law Office Can Help

When you are ready to work with an attorney and begin establishing a trust or will, do not hesitate to contact our team. With our guidance and outstanding representation, you can rest assured that your legal needs will be met. Law governing estate planning can be confusing and difficult to understand, but with our guidance, you can work toward protecting your family and your property after your passing. We understand that estate planning is about much more than money, and we work closely with every client to ensure that their plan includes some personal communications to pass along those values and affection that they want to express to their loved ones.

Essentially, the only mistake that you can make is to not create an estate plan. Those who die without creating a will or another document, i.e., intestate, can leave behind a complicated mess for their loved ones. Contact our firm today at 412-998-1197 to speak with a Pittsburgh estate planning lawyer and start establishing your will or trust.