Plan Your Estate Ensure what you want to be done after you're gone is what actually happens Ask a Question Estate & Succession Planning Lawyers in Erie, PA The purpose of a will is two-fold. The primary purpose is that when you pass away, your assets end up where you want them to go. If you pass away without a will, law officials follow a strict procedure regarding the placement of your assets, and they may not end up where you intended them to. A will guarantees that what you want to be done after you're gone is what actually happens. The second reason is to try to reduce expenses-not just the expense of administration, but also taxes. By creating and following a proper plan, there are more funds available for distribution to your loved ones, rather than the government. Proper estate planning includes more than just writing a will. Additional estate planning considerations include whether you should sign a durable power of attorney, a health care power of attorney, a living will (advance directive) or other important legal documents in addition to your will. To learn more about estate planning and estate administration, please contact one of our Elderkin attorneys listed in this section. If you're ready to begin planning call us at (814) 456-4000 to set up a consultation. Frequently Asked Questions Do I need a will? Whether you are just starting out after college or you have been retired for years, it is important to have a will. If you are just starting out, your primary assets may include a house, a car, and possibly some items gifted to you. If you have a steady job that provides benefits, then your biggest free and clear assets are probably your life insurance provided by your job and/or some money that has been tucked away by you or for you in a pension plan. Neither life insurance nor pension plan money goes through your estate, so it’s not governed by your will. They go to designated beneficiaries under those benefit contracts. It is important to coordinate your will and estate plan with your retirement benefits and life insurance. Who can make a will? What are the benefits of having a Will? Can a will be changed after it has been made? What is a durable power of attorney? What is an advance medical directive? Ask a Question 456 West 6th Street Erie, Pennsylvania 16507 (814) 456-4000 2021 © Elderkin Law Firm All Rights Reserved · Disclaimer Powered by Epic Web Studios