IN Brentwood-Baldwin-Whitehall Fall 2016 | Page 3

INDUSTRY INSIGHT LEGAL INSIGHT SPONSORED CONTENT 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. l Media a Trib Tot R Choice eaders’ Award orney” t t A t s “Be 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