Estate Planning

in West Virginia and Pennsylvania

When is the last time that you reviewed your estate planning documents? Don't have an estate plan? You certainly should. For most people the basic components of an estate plan are a Will, a Power of Attorney, and a Healthcare Power of Attorney and Living Will.

Will: an instrument by which a person makes a distribution of their property to take effect after their death.

Power of Attorney: an instrument authorizing another to act as one's agent. The agent is "attorney in fact" for the principal until their power is revoked or the principal dies. Such power may be general or specialized, such as below.

Healthcare Power of Attorney: a specialized power of attorney granting the agent power to make healthcare and medical decisions for the principal. It is valid until revoked or upon the death of the principal.

Living Will: an instrument by which a person may indicate his/her preferences regarding end of life care and treatment.

Trust: any arrangement whereby property is transferred with intention that it be administered by a trustee for another's benefit. Trusts are best utilized by those with high-value estates or those with special needs.

Your estate planning documents are your opportunity to ensure that your assets pass to the persons of your choice and that your wishes are followed should you become incapacitated. If you are the parent of minor children, it is even more important that you have an estate plan naming the guardian of your choice for your children.

Probate

Probate is the process by which an "estate" is distributed to heirs of a deceased. It involves the appointment of an executor or administrator, the collection of assets and debts, the     filing of an inheritance tax return and the distribution of assets under Court supervision. Dealing with the probate process while grieving can be a trying experience.

At Pecori & Pecori we have guided thousand of estates through the probate process. It is our goal to make what can be a confusing process as simple and stress-free as possible.