IN Brentwood-Baldwin-Whitehall Summer 2018 | 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 . C COORDINATE YOUR ESTATE PLANNING an you place faith in the terms contained in your Last Will and Testament? The truth is that your Will represents only one piece of the estate planning equation. Intricate Will and Trust provisions generally do very little to regulate beneficiary designations carried on investments. The succession planning or trust provisions in your Will generally have no effect upon the beneficiaries designated in mutual funds, 401k’s, IRA’s, and insurance policies. “There’s a definite need for an alignment of estate planning and asset planning,” said Joe Covelli of Covelli Law Offices. “People tend to believe that their Will is going to control every aspect of their assets and estate, when in fact some things like joint accounts, or assets with beneficiary designations, will take precedence over the terms contained in your Will.” Many assets cannot be given directly to minor children, or to beneficiaries who receive governmental benefits (or to a beneficiary when the funds can and should be held and used for education and health) until the beneficiary reaches a certain age. Time consuming and costly litigation can often be avoided if detailed planning is undertaken. Covelli said that it’s especially important to intertwine your estate planning in cases where children are involved. “If your children are your ultimate beneficiaries, things need to be specified. If you happen to pass away while your child is a minor, then there must be a trustee and a guardian for your minor child,” he said. “If a child is simply listed as being a beneficiary, nothing can be distributed without Court intervention.” edia M Trib Total ice Award ho Readers’ C orney” “Best Att “A lot of folks also have 401(k)’s and IRA’s, which specifically require a designated beneficiary, and which often hold the bulk of a person’s estate. By dovetailing your asset and estate planning, you can control survivorship distribution” Covelli said. “Some people may have other investment vehicles outside of a 401(k), such as a pension, annuity or life insurance policies. In those cases, having clear directives in place is an absolute necessity.” An estate planning attorney can coordinate your beneficiary designations and survivorship holdings. In the proper hands, your Will can become part of a cache of estate planning documentation, that may also include documents such as powers of attorney, living wills, and trusts. Taking time to meet with an attorney to get expert advice to plan and coordinate your entire estate plan is the best way to ensure that your wishes are carried out when you are gone. Fortunately, the Attorneys at Covelli Law Offices are available to help you understand all aspects of your estate planning. At Covelli Law Offices, everyone receives a free 30 minute initial consultation appointment. At your consultation, an attorney will advise you as to what role they can play in your situation to help the most, and provide you with an up-front cost for your Estate Planning legal services. For more information or to schedule your Free initial consultation appointment, call Covelli Law Offices at 412.653.5000, or submit an online request at www.covellilaw.com. Covelli Law is conveniently located at 357 Regis Avenue (across from the Pleasant Hills-West Mifflin Post Office). Joe Covelli has over 37 years’ legal experience and is a “5 Star Professional Award” recipient. He is a Member of the “National Academy of Elder Law Attorneys”, and he heads a team of attorneys with expertise in several areas of the law. For more information, call 412.653.5000, or visit www.covellilaw.com. FREE Consultation | Call Today! 412.653.5000 brentwood-baldwin-whitehall ❘ SUMMER 2018 1