Estate Lawyer Luzerne County, PA
A Luzerne County, PA estate lawyer knows that one of the most frustrating parts of estate planning is the probate process. One of the goals that the legal team at Hoegen & Associates, P.C. sets when working with clients is doing all we can to help prevent the need for estates to have to go through probate. The probate process can have a significant impact on an estate’s overall value, as well as end up altering the way the decedent wanted the estate to be distributed.
There are many tools an estate lawyer can use. One of these tools is a transfer on death (TOD) deed and/or accounts. The following is a brief overview of TODs and when they can be used.
Transfer on Death Tools
A transfer on death deed allows real estate property a person owns to automatically be transferred to their beneficiaries upon their death, without the need for the property or properties to be included in the estate’s probate process.
A Luzerne County estate lawyer can also draft up transfer on death accounts for any liquid assets the client owns. These work the same way, with those liquid assets distributed immediately upon the client’s death to their chosen beneficiaries, again avoiding the probate process.
Validity of Transfer on Death Documents
There are requirements that must be met in order for TOD documents to be deemed legally valid. The person must be of sound mind and not under any duress when they sign the documents. The documents must also be prepared by the owner or an attorney – not by the beneficiary. These documents also do not replace the need for a will. Your estate lawyer can assist with both.
There are also some considerations that clients should speak to their lawyers about, especially when the property is jointly owned. In most cases, the transfer of death document does not need to be signed by all owners of the property, however, it also does not remove joint tenancy if the other owner had not signed.
When dealing with TOD deeds, all legal deed requirements must be met, stating that the property is transferred upon the owner’s death. The document must also be recorded with the appropriate municipal agency where the property is located.
Transfer of death documents are not set in stone. If a client changes their mind, they can always revoke the instrument. Your lawyer can explain the details on how this works.
Contact an Estate Lawyer for More Information
Do you have an estate plan in place? If so, when was the last time you updated it? Clients should review their estate plans at least once a year or anytime there have been any major life changes, such as the birth of a child, divorce, etc.
If you would like to learn more about transfer of death documents or any other estate planning tools that are available, call Hoegen & Associates, P.C. to meet with a dedicated Luzerne County estate lawyer.
Gathering Wills, Trusts, And Estate Planning Documents
To ensure that your wishes are clearly documented and honored, estate planning is a crucial step. Whether you’re just beginning or updating existing plans, gathering the right documents is key. From wills and trusts to power of attorney and medical directives, knowing which paperwork you need and why it’s important can help streamline the process. We want to make it easier for you by breaking down the essentials in this guide. Working with a Luzerne County, PA estate lawyer will provide you with a clear path to get your affairs in order, ensuring everything is in place for the future.
Starting With The Basics
Before you dive into specifics, it’s essential to compile the fundamental documents that outline your wishes. A will is often the foundation of an estate plan. It allows you to designate how your assets will be distributed, name guardians for minor children, and appoint someone to manage your estate after your passing. Without a will, the state’s laws determine how your assets are divided, which may not align with your preferences.
Trusts are another critical component for those looking to avoid probate or set conditions on how assets are distributed. Trusts can be beneficial for various reasons, including protecting assets for minors or providing for loved ones over time. Establishing a trust may also have certain tax advantages, depending on your specific situation.
In addition to wills and trusts, powers of attorney—both financial and healthcare—are important documents to have on hand. A financial power of attorney designates someone to make financial decisions on your behalf, while a healthcare power of attorney ensures that medical decisions are made according to your wishes if you are unable to make them yourself.
Staying Organized With Your Estate Documents
Keeping all of these documents organized is essential to make the process as smooth as possible for your loved ones. A well-prepared estate plan includes not just the main documents like wills and trusts but also things like beneficiary designations, deeds, and titles. Your financial documents should be easily accessible to the individuals who will handle your estate.
While having a will is necessary, it’s just one part of the overall picture. Life insurance policies, retirement accounts, and other financial assets should have beneficiaries named, and these designations should be kept up to date to match your overall estate plan. Similarly, any property deeds or business interests you own may need to be updated to reflect your estate planning choices. Consulting with a Luzerne County estate lawyer will help you assess all these details and ensure that every part of your plan works together smoothly.
Why Regular Reviews Are Important
Estate planning isn’t a one-and-done process. Life changes—whether it’s a marriage, the birth of a child, or acquiring new assets—often require updates to your documents. Regular reviews of your estate plan are essential to ensure that it still reflects your current wishes and financial situation. Even if there are no major changes in your life, a periodic review with your attorney can help catch anything you might have missed or that needs adjustment due to changes in the law.
Taking The Next Step
Organizing and gathering your estate planning documents can seem overwhelming at first, but breaking it down into manageable steps helps simplify the process. When you’re ready to begin or review your estate plan, working with a legal professional ensures all your bases are covered. Since 1971, our friends at Hoegen & Associates, P.C. have assisted our clients in preparing all necessary documents and updating them when needed. Contact a Luzerne County estate lawyer today for a free consultation so that you can ensure that your estate plan is comprehensive and up to date.
