As reported by Marketplace Morning Report, courts nationwide in 2021 have seen an influx of probate cases as individuals pass away from COVID complications without having a will. The importance of having a will and other estate planning tools has never been more evident than today. Younger adults are beginning to question whether they should consider estate planning to ensure they have a will, a trust, and other documents, such as durable powers of attorney as well as healthcare directives.
At Iwanyshyn & Associates, we handle a wide range of estate planning matters as well as family law matters. Often, estate planning and family law are intertwined, and both address issues concerning money and other property. Our attorneys are especially adept at handling legal matters that involve finances.
To find out how our firm can help you with your estate planning needs, set up a consultation with Iwanyshyn & Associates. Our legal team services clients in Allison Park, Pennsylvania, as well as Pittsburgh, Wexford, Cranberry Township, and Gibsonia.
From the time a person becomes an adult at the age of eighteen, estate planning becomes important. While the average teenager may not have substantial money or property, having a valid will, powers of attorney (for financial and/or medical decisions), and a living will, which is a type of healthcare directive, are essential for any adult.
The two most common types of estate planning documents are the last will and testament, and a trust. However, estate planning often involves much more than creating a will and trust. Additional estate planning tools include, but may not be limited to, the following:
Durable Power of Attorney (DPOA), which is a document that designates a person or persons to have the legal authority to act on another’s behalf (a DPOA may be indicated for financial decisions and/or medical decisions).
Living Will, which identifies how a person is to receive medical treatment in the event the person is no longer able to make independent decisions.
Do Not Resuscitate Order, which goes along with a living will in the event a person does not wish to receive life-saving support should the person be near death.
LIfe Insurance Policy, which provides a means for family members to access much-need money in the event of a loved one’s passing.
A qualified estate planning attorney can help clients decide what types of estate planning tools are best for their situation.
Most people are familiar with what a last will and testament is, but may not be entirely clear on what a trust is. A last will and testament is a legal document that directs how property is to be transferred upon a person’s death. A will must be validated by a court and go through probate. A person has the power to contest the validity of the will, and a judge must determine whether a will is valid before legally transferring property to heirs.
With a trust, however—which is also called a “living trust”—a person (trustor) transfers property to a trustee for the benefit of a third party upon the property owner’s death. A trust may be revocable so long as the trustor is alive. Upon the trustor’s death, the trustee transfers property directly to the beneficiary without going through probate. Often, a will identifies whether a trust exists, and provides guidance on how the trust property is to be transferred upon death.
The estate planning attorneys of Iwanyshyn & Associates possess the experience, dedication, and advocacy skills to provide clients with excellent legal representation. Our legal team often handles high-value estate plans, and estate planning is especially important for individuals with significant assets to be protected upon death. At Iwanyshyn & Associates, we formulate an estate plan that fits each client’s unique situation. No two cases are ever alike, so estate planning options will vary from person to person.
To find out how Iwanyshyn & Associates can help you create a will, trust, and other estate planning tools, reach out to our estate planning attorneys today. We assist clients in Allison Park, Pennsylvania, as well as Pittsburgh, Wexford, Cranberry Township, and Gibsonia. Set up an initial one-on-one consultation to get started.