Estate Planning is for Everyone: Essential Components

Attorney Mike Frisbie recently had the pleasure of speaking at a “Ladies Luncheon,” part of Edward Jones advisor Bob Podraza’s Coffee Club. Mike shared an overview of estate planning, explaining the essential components as well as covering common misconceptions and pitfalls. We held a similar seminar this past fall and are planning to host additional free sessions in the spring of 2019. If learning how to begin your estate planning is on your to do list this year, please visit our Contact page and join our email list. In the meantime, here is a recap of the Essential Components portion of Mike’s presentation.

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At its core, an estate plan outlines the mechanisms that will be put to work to dispose of your property after you pass away. These instructions are dictated within your Will, which is the official record of your final wishes, instructing where and to whom your property will go. A will controls only the items held in your name, such as:

• Real estate
• Cash, stock
• Property, personal and real

It also dictates how the money you leave behind is to be distributed, whether to your spouse, children, other relatives and gifts to charity.

A will does not control:

• Life insurance
• Retirement accounts
• Joint accounts
• Certain types of deeds
• Anything with a beneficiary designation (retirement accounts, life insurance, etc.)

It is also wise to include a designation for a Power of Attorney, someone you trust to act as your official “Agent” to carry out your affairs in the event you become incapacitated, whether temporarily or long-term. There are several types of Power of Attorney designations, which we explain in this blog post.

If you die without a will, that is known as dying “intestate.” For Pennsylvania residents, this means your assets will be distributed according to the Pennsylvania Law of Intestate Succession.

No matter what, you should always be able to understand what your Will and any Powers of Attorney documents say. This is where my litigation background becomes key, as that knowledge helps me make certain these points are presented clearly and minimize the potential for  issues in your estate plan. Whether you’ve yet to begin your estate planning or would like to review your existing plan, we are glad to be of service. Please email me to schedule an appointment to talk about it. I will be glad to share with you our estate planning questionnaire.

Mike Frisbie concentrates on Estate Planning; Estate Administration; and Business Formation, Organization, and Counseling. He takes pride and pleasure in helping people and businesses solve their problems.

Email Mike.

Follow Mike on Twitter @TrustinFrisbie.

This article is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.