In the area of Estate Planning, one common misconception many people share is that the entirety of their assets will be distributed in accordance with their Last Will and Testament. For instance, if a person’s Will states that their estate is to be divided equally between their three children, many people incorrectly assume that each child will receive 1/3 of ALL of that individual’s various assets. This may not be the case!
So what exactly does a Will provide? Your Last Will and Testament is a legal document which allows you to express in writing how and to whom your “estate” will be distributed. The assets that comprise your “estate” include personal property, real estate, and bank/investment accounts. Your estate does NOT include any assets that contain a proper beneficiary designation such as insurance polices, IRAs, Retirement Plans and certain other bank/investment accounts. These assets will pass outside of your Will and are distributed directly to the beneficiary that you have designated.
At Zacharia Brown, we know that it is extremely important for you to understand which legal documents and agreements control how and to whom your assets will pass. Once you have this knowledge, you will be able to make informed decisions regarding your overall estate plan and how the entirety of your assets will be distributed upon your passing.
OUR For more information on Wills and Zacharia Brown, please visit us at PittsburghElderLaw.com or call us at 724.942.6200. For ongoing news, seminars, events and updates, please follow us on Facebook and Twitter.