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.”
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“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
WEST JEFFERSON HILLS
❘
SUMMER 2018
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