Estate Planning: Not Just for Boomers!

Have you ever heard horror stories about families fighting over Grandma's jewelry or getting stuck in a never-ending legal battle after someone passes away? Or about how long it can take to sell a house tied up in the court process? What about family members being denied their inheritance completely? Unfortunately, these situations happen every day. Not even the rich and famous are immune! A simple Google search will pull up dozens of celebrity stories about all the conflict that ensues after they die. But most people dont realize these things are avoidable - if you understand the process. So, if youve thought about creating a will or trust to avoid these outcomes, lets ensure youre fully aware of whats at stake first. Well use a food analogy throughout this article, so our apologies if we make you hungry.Lasagna as an Example of the Difference Between a Will or Trust and an Estate Plan Lets start by getting really clear on what were talking about. Youve probably heard the term estate planning numerous times, but do you really know what it is? Contrary to what you may have heard or read about, estate planning and The documents involved - such as a will or trust - are not quite the same thing. Think of your favorite recipe. Well use lasagna as an example. A lasagna recipe includes a few different components: the ingredients needed to make the dish, how much of each ingredient you need, and the steps you have to take to transform the ingredients into a dish. Without the steps, the ingredients are just ingredientsthey dont create anything.  Estate planning is similar. Your estate plan is the recipe, and the documents are the ingredients. A will or trust may be the pasta or the sauce, but they are not the lasagna. Sure, theyre necessary components of the lasagna, but without the other ingredients and steps, theyre just pasta and sauce. Same with estate planning. If you just create a will or trust, you have documents that are just documents. They dont do anything by themselves. That most people think the documents ARE the estate plan is a common misconception based on a lack of knowledge. Too many people are focused on the documents, even many lawyers, and so think all they need to do is create those documents, sign them, and call it a day. Even so-called financial experts will tell you this. And theres a whole new tech industry based on this premise, with do-it-yourself programs like LegalZoom. AI has even joined the fold. Every single one of these people and companies is talking about the documents, or the ingredients. They are not telling you about the recipe. They are not showing you how to make the lasagna, but rather, theyre telling you about some (not even all) of the ingredients you need. What results are the big messes mentioned above: families in court and conflict, fights over sentimental items, long wait times to sell a house or distribute any of the assets, and even big, unnecessary tax bills.  To truly protect your loved ones and ensure your wishes are carried out the way you want, as easily as possible for the people you love, you need a comprehensive estate plan, not just the documents. The plan lays out not only the ingredients you need, but also in what amounts, and what actions must be taken to make the lasagna. If you havent created a comprehensive plan of your own, or your current plan fails for any reason, know that theres a plan already made for you. Its a plan laid out in your States law, and it may be very different from what you want.  Your States Recipe for Lasagna May Be Gross To illustrate the difference between the States plan for you and one you can create for yourself, lets get back to our lasagna example. Lets say the States recipe for lasagna includes spicy sausage, but you cant tolerate spicy foods. The states plan may contain meat, but youre a vegetarian. Or, it could be that the States recipe includes mushrooms, but your child is allergic to mushrooms. Some ingredients may be missing altogether, and the recipe will probably tell you that you cant even cook the lasagna for months, or even years (goodness, your family will be hungry!). Whatever the situation, its possible that the States plan includes some component that you dont like, or even one that could be disastrous to your family.  In reality, your states plan says how your assets will be distributed, who will get them and in what amounts. It requires a court process, which can be lengthy and expensive, and sometimes assets are frozen until the court process is over. Its also set up for conflict, as your family members - even if youre estranged - are required to get notice of the court proceeding, what assets you have, and are invited to make a claim for your assets. You may not like any of this. If not, heres the good news. The law also says you can create your own plan and decide on your own who you want to inherit your assets and how. If you create your own plan, you get to decide to give money to charitable causes that Matter to you, which the States plan does not allow for. And if you create your own plan, you can also decide whether you want your loved ones to go through the court process. Yes, the court process can be optional.  What Recipe Do You Want to Use? By creating your estate plan, you get to choose your lasagna recipe. You get to choose whether you want meat or veggie, mild or spicy sausage. You get to exclude ingredients your family members may be allergic to. You even get to decide if you want to share your lasagna with someone else. And you get to decide when to cook the lasagna, whether you want it to be eaten tonight or assembled, frozen and saved for another day.  Its entirely possible that you dont think the States recipe is gross and you wouldnt change a thing. But you wont know that until you know the details of the States plan and how those details pertain to you, your assets, and your family. Or it could be that you think the States recipe is completely gross and you want to pick one that you and your family like. Either way, know what you want to create and be clear on how to do it, and do it correctly. Luckily, we can help.  How We Help You Get it Right Weve seen too many families suffer negative, yet unnecessary, consequences after a loved one dies. And if you havent experienced it yourself, chances are you probably will. But with the proper education, beginning with correcting the misconception that estate planning and the documents involved are one and the same, we believe we can break the cycle of strife.  As an Estate Planning Law Firm, we start with education so you are clear on what the States plan is for you, and what you can do to create your own plan that aligns with your values, your goals, your family, and most importantly, that it works when you need it to.  We call it Life & Legacy Planning, and once youve created your Life & Legacy Plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected. Book a call with us today to learn more. Contact Entrusted Legacy Law at 412-547-9855 or click here to schedule a complimentary 15-Minute call.

When most people think about estate planning, they focus on their will or trust. But theres a silent saboteur that could completely derail even the most thoughtfully drafted estate planbeneficiary designations. Thats right. If the beneficiaries listed on your retirement accounts, life insurance policies, or bank accounts dont match your estate plan, the law says those designations take priority. That means your assets might go to someone you didnt intendno matter what your will says. Lets break this down and help you avoid one of the most common (and costly) estate planning mistakes. Why Beneficiary Designations Matter More Than Your Will Beneficiary designations are legally binding and are treated as contracts between you and the financial institution. So even if your will says one thing, if your life insurance policy says the money goes to your ex-spouse guess what? Thats who gets it. This is why we always say: Your estate plan is only as strong as your beneficiary designations. Common Examples of Conflicts Here are a few real-life scenarios weve seen: You updated your will to leave everything equally to your kids, but your 401(k) still names your oldest child as the sole beneficiary. You named a now-deceased or estranged relative as a beneficiary and forgot to change You created a trust for asset protection, but your life insurance still lists your children individuallyexposing them to probate or legal challenges. What You Should Do (Right Now) To make sure your estate plan works the way you want it to, here are 3 quick steps you can take today: Review all beneficiary designations. This includes life insurance, IRAs, 401(k)s, pensions, bank accounts, and brokerage accounts. Make sure they match your estate planning goals. If your will says everything goes to your trust or certain individuals, your designations should reflect that. Work with an estate planning attorney. Well help ensure your documents and beneficiary designations are working togethernot against each other. Your Legacy Deserves Alignment Its easy to overlook the fine print, but something as simple as an outdated name on a form could cost your family peace, money, and time. At Entrusted Legacy Law, we specialize in building estate plans that are holistic and heart-centeredbecause your legacy deserves to be protected with care and clarity Dont let mismatched paperwork undo your planning.  Schedule a free consultation with our estate planning team today: https://book.entrustedlegacy.law/#/introcall

Many people assume that when they pass away, their spouse or children will automatically inherit everything. Unfortunately, thats not always the case. Without a proper estate plan, the state decides who gets whatand their decision may not align with your wishes. If you dont have a will or trust in place, your family could face unnecessary legal battles, unexpected distributions, and even financial loss. Lets break down what happens when you dont have an estate plan and how you can protect your loved ones today. Who Inherits If You Die Without a Will? In Pennsylvania, when someone passes away without a will, their estate is distributed according to intestacy laws. That means the government has a default plan for who gets your assets. Heres how it works: If youre married with children: Your spouse does not automatically inherit everything. Instead, your assets could be split between your spouse and your children, even if they are minors. If youre married without children: Your spouse will inherit some of your assets, but your parents could also get a portion of your estate. If you have children but no spouse: Your children will inherit your estate, but if theyre under 18, the court will decide who manages the assets on their behalf. If youre unmarried and childless: Your assets will go to your closest legal relativessuch as parents, siblings, or even distant relativesbased on state law. If you have no legal heirs: Your entire estate may go to the state, meaning the government could take everything youve worked so hard for. Why Intestacy Laws Can Create Family Conflicts  Unexpected distributions: You may have intended for your spouse to inherit everything, but under Pennsylvania law, your children or even your parents could end up receiving a share.  Court intervention: If your heirs disagree about how assets should be divided, they may have to go to probate courtleading to family disputes and costly legal fees.  Delays and frustration: Without a will or trust, your loved ones will likely have to go through the probate process, which can take months (or even years) before assets are distributed. How to Protect Your Family & Legacy  Create a legally binding will or trust  This ensures that your assets go exactly where you want them to.  Name guardians for minor children  Without a designated guardian, the court decides who raises your children.  Establish power of attorney documents  This allows someone you trust to make financial and medical decisions if you become incapacitated.  Keep your estate plan updated  Life changes such as marriage, divorce, new children, or new assets should prompt an estate plan review. Dont Leave Your Legacy to Chance What happens if you die without a will? Without an estate plan, youre giving the government control over your assets and your familys future. With the right planning, you can avoid unnecessary legal battles, protect your loved ones, and ensure your wishes are honored.  Schedule a free consultation with our estate planning attorneys today and take control of your legacy https://book.entrustedlegacy.law/#/introcall