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Elysia Mancini Duerr, Esq.
The little Law Office at Fitler Square
2401 Lombard St., Suite One
Philadelphia, PA: by appointment only
lawyer@fitler-square-office.com
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"Estate Planning" or . . .
. . . how to ensure that you have a voice after you die.
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You may think that because you are not wealthy, you do not need a will, trust, or other estate planning. I cannot emphasize this enough: I am of the strong opinion that everyone, no matter what their status, should have some kind of estate planning. Why?
The best arguments I can make are probably real-life examples of persons' who died intestate (which means without a will or estate plan):
Example one: A man with children from his first wife who was going through a divorce from his second wife died intestate. Despite the fact this man had not lived with his second wife at the time of his death, she got everything. His kids got nothing.
Example two: A healthy, very young man died unexpectedly, leaving behind his baby and his girlfriend, with whom he lived and loved. Because they were not married and because he died intestate, his girlfriend and baby got nothing.
Example three: A man with several grown children died intestate. Because he died intestate and his children could not agree as to what to do with his home and property, his assets were eventually eaten away by taxes and fees until they were gone.
Example four: A single, female artist who had sentimental assets (the art she produced) and beloved pets died intestate. Although she was estranged from her parents and unmarried, she had several friends for whom she cared deeply, but she did not have a will naming these friends as beneficiaries. Because she died intestate and her parents did not value her art nor her pets, her life's body of work (her art) was destroyed and her pets were put to sleep.
Example five: A man died in an accident that lead to a lawsuit. Because he did not have a will naming an executor or beneficiaries, his family members quibbled in court about probate for so long that by the time the lawsuit was over, the proceeds from the lawsuit were eaten away by estate taxes and lawyer fees.
Example six: A woman who, for religious reasons, did not believe in cremation, died intestate. She was cremated by the Commonwealth because there was no executor to speak on her behalf.
The examples of what could happen if you die intestate are infinite, these are just a few. However, if you die with an estate plan, you ensure that your "will" be carried out after you die, even naming friends instead of family members as beneficiaries. There are several options in estate planning, and my fees are affordable. There are also things you can do to ensure that your "will" be carried out if you are temporarily incapacitated, but not dead. Please call me so I can explain to you your options.
No one likes to think about their own mortality, but everyone dies. You will die. You do not know when you will die, but you will die. Avoiding this reality does not make the reality go away.. .
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You may ask, "I am not wealthy, so do I really need estate planning?"
*Legal note about wills: an executor is the person who is in charge of carrying out the will of the deceased. The beneficiaries are the ones who acquire the assets of the deceased. Both can be named in a will.
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