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C O V E L L I L AW O F F I C E S , P. C .
WHY WORRY ABOUT YOUR “LAST WILL”?
T
here are some very famous people who died
without writing their Will: Jimi Hendrix, Pablo
Picasso, Abe Lincoln (believe it or not), and
recently we have seen Michael Jackson and Prince
both die without Wills! Their Estates are going to be
tied up for years, as the Courts can take a very long
time to sort things out! Some people talk for hours
about retirement planning. They will share hopes and
dreams of enjoyable activities, traveling the globe
and sometimes spending time with grandkids. It’s an
enjoyable topic for discussion, because it’s usually
positive—people love to project themselves into
a better future and working toward making some
version of that future a reality.
Estate planning is one of the most underutilized
areas of legal services. People should be talking
about this subject (and preparing appropriate
documentation), because the absence of estate
planning can wreak havoc for loved ones after you
are gone. “If you’re in your 50s or early 60s without an
estate plan, you’re asking for trouble,” says Attorney
Joe Covelli of Covelli Law Offices. “Most people want
to do something for their loved ones after they’re
gone. But without an estate plan, the wrong people
may take charge of your assets. They may not do the
proper thing in regard to your beneficiaries, or act
according to your wishes. Look at Michael Jackson
and Prince, and the problems they left behind by not
having an estate plan in place.”
Without an estate plan, everything from who gets
your house, your investments, and your business, to
who should raise your children may be up in the air.
Whether you have millions in savings or just enough
to get by, you still need to exercise the right to decide
what happens to your personal assets, your minor
children, and business ownership after you die.
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By the time someone reaches retirement age,
he/she may have been engaged in a lifetime of
relationships – a spouse, children, stepchildren,
grandchildren, nieces/nephews, siblings, etc. The
person may have been divorced, remarried, had
children move away – or sadly, a spouse or child
pass away. He/she may have owned a business that
financially supports the family. If those relationships
and assets aren’t addressed with the correct written
documents, there’s nothing that can be done to make
things right after you’re gone without spending a lot
of time and incurring court costs. Unfortunately, there
are even some cases where assets can be liquidated
or even depleted by the “wrong person,” before the
“right person” is able to gain control and ownership.
“It’s asking for big trouble,” Covelli emphasized.
“People try to do the right thing on their own
sometimes, so they make an informal plan that is selfprepared or use general templates from the internet.
Often the language they’re using may not match or
clearly state their desires and needs. Also, the right
of survivorship and beneficiary designations may
actually supersede (take the place of) what you put in
a Will, and informal plans can be challenged in court.”
He added, “Our law firm has counseled clients of
all ages throughout the course of our 35 years of
providing legal services in the community. We even
offer a complimentary 30-minute estate planning
analysis, to help you feel more comfortable
thinking through your plans.”
For more information on Covelli Law Offices, go to
Covellilaw.com online, or call 412.653.5000. Covelli
Law is located at 357 Regis Avenue (across from the
Pleasant Hills-West Mifflin Post Office).
Joe Covelli has over 35 years’
experience in his local law
practice – and is a 5 Star
Professional Award recipient.
Joe heads a team of attorneys
with expertise in several
areas of the law. For more
information, call 412.653.5000,
or visit the website at
CovelliLaw.com.
FREE Consultation | Call Today! 412-653-5000
Brentwood-Baldwin-Whitehall | Fall 2016 | icmags.com 1