It can be difficult for Pennsylvanians to get past the challenges that present themselves each and every day. Just getting through the workday, spending time with family and taking care of home projects can be enough to fill the hours that pass during any given week. However, simply living from day to day without much planning for the future can be a costly mistake when it comes to managing one’s end of life estate.
A person’s estate is the conglomeration of all of her assets, debts and other property. It includes the tangible things that she owns as well as the intangible interests he may have in intellectual and real property. Depending upon the individual’s situation at the end of his life, that estate can be very valuable.
Most people wish to leave money and other goods to their loved ones when they pass away. An estate plan can help a person effectuate that desire all while accomplishing another important objective: to avoid probate, or even when there is a will that must be probated, to avoid confusion that can lead to costly litigation . When assets and goods are not accounted for in a person’s estate plan, they often must go through a detailed process of probate so that they courts may determine how the items should be distributed.
Probate, though necessary, can be costly. A person’s estate may be dramatically reduced by costs and fees when the items and money he owns must be amassed and evaluated by a probate court. The most effective way to prevent this from happening is for a person to create his personal estate plan.
Through the creation of trusts, wills, and other testamentary devices a person may protect her wealth, provide for her loved ones, and avoid probate. Attorneys who work in the estate planning field are excellent resources for those who wish to begin the estate planning process but are not sure of how to do it on their own.