Estate Planning FAQs
Read on as Bononi & Company, P.C. answers questions commonly asked about Estate Planning.
What Is Probate?
Probate is the formal process of appointing a representative for an estate, paying taxes, settling debts and determining the distribution of assets to beneficiaries.
A will allows your wishes to be carried out after death. Not only can a will lessen taxes for your family and friends, but it can also help your family take action through an already stressful time in their life.
What Happens If You Die Without A Will?
If you die without a will in Pennsylvania, you have died intestate and the state laws determine who inherits your property and assets. Our team has been helping families whose loved ones have died without a will since 1985. Trust us if you find yourself in charge of a loved one’s estate without a will.
What Is A Power Of Attorney?
A power of attorney is a legal document that enables you to choose a trusted person to manage your finances and financial affairs. This document allows the person you chose to communicate with financial institutions and government agencies on your behalf. Call our trusted team to assist you or your family members in preparing a power of attorney.
Do I Need A Trust?
There are all sorts of reasons you may need a trust. Trust us to review your unique circumstances and recommend the right trust for you and your family.
What Does A Trust Do?
A trust allows you to manage assets or property that are left to beneficiaries. Oftentimes trusts are established for minors when they inherit property, money or other assets. The person creating the trust is called the settlor. The person who controls the trust is known as the trustee. The person who benefits from the trust is the beneficiary.
A living will enables you to tell your friends and family your wishes regarding life-sustaining medical treatments prior to you becoming incapacitated. This document allows you to appoint a person to assist you in making life-sustaining medical treatment decisions.
Where Should I Keep My Will And Other Estate Planning Documents?
You should keep these documents somewhere safe. Often clients keep these documents in a lockbox, a safe deposit box or a fireproof cabinet.
Can I Have A Handwritten Will?
Yes, in Pennsylvania a handwritten will can be valid. Our team can provide you with trusted advice as to the validity of your will or a family member’s will.
Is Estate Planning For Everyone?
Yes. Estate planning is not just for the aging. People and families in all stages of life should have a plan. These plans can address real estate and assets or even custody or guardianship of a minor child. Our team at Bononi & Company, P.C., has the unique credentials to answer all your estate planning questions. Whether you have a custody or guardianship question in the event of your death or you want to know how a financial decision will change your family’s tax consequences, we can help.
Bononi & Company, P.C., offers a full range of both legal and accounting services. If you need highly qualified estate planning services from a staff of experienced legal and financial professionals, call Bononi & Company, P.C., today at 724-832-2499 or contact us online. From our office in Greensburg, we help clients across southwestern Pennsylvania.