September 1, 2013
When it comes to estate planning, the old adage is true. An ounce of prevention is worth a pound of cure. Many people believe that they do not have enough money to need an estate plan; however, the need for an estate plan is not solely related to the amount of your wealth. Meeting with an estate planning attorney before a problem arises will enable you to avoid problems and added expense later. A basic estate plan is comprised of four legal documents, which are explained below.
1. Last Will and Testament
Everyone needs a Will. Your Will directs the disposition of your probate estate. Your probate estate consists of any property that is held in your name alone and that does not have a beneficiary designation. If you do not have a Will, your estate will pass as directed by the Commonwealth’s intestacy law.
A common misconception is that you do not need a Will if everything you own is held jointly or has a beneficiary designated. ...
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by: Gina M. Barry