Many Pennsylvania residents put off estate planning, and they often do so because they either feel it's something they might do later or because they think they don't have enough assets to make it worthwhile. However, there are strong arguments as to why you should contact the professionals at Ruggiero Law Offices for a consultation today.
What Happens If I Don't Have an Estate Plan?
Estate planning gives you a means through which to leave your loved ones assets and provide for them once you're no longer around to do so. You may encounter upfront costs associated with creating your estate plan. However, a well-done plan should help you minimize future expenses and maximize the amount you are able to pass on to your beneficiaries.
If you die without an estate plan, the courts or the IRS determine how to handle your estate. Whatever your wishes might have been are lost forever, because rather than being able to make decisions about who inherits what, Pennsylvania’s intestacy laws make these decisions instead. This often makes the probate process a lengthy and complicated battle for your heirs.
How to Begin Drafting a Trust and Estate Plan
Contrary to popular belief, your estate plan doesn't have to be complex and highly detailed to be effective. As you start to think about yours, write down any objectives you may have. Do you need to create a trust to preserve someone’s eligibility for government benefits? Do you have plans in place if you become incapacitated? Asking yourself these questions and gathering information about your assets and expenses are among the first steps you might take to create an estate plan based on your directives.
Since 1990, Ruggiero Law Offices has helped families like yours protect what matters most. Led by James "Jim" Ruggiero, Jr., Esq. and supported by a skilled team of attorneys and legal professionals, our firm brings practical, common-sense solutions to estate planning and trust administration.
From developing revocable living trusts that avoid probate to implementing sophisticated tax planning strategies, we deliver tailored solutions based on your needs and our decades of experience. Our clients trust us because we take the time to understand their unique circumstances and provide straightforward guidance.