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12 Benefits of Estate Planning You Need to Know

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When it comes to estate planning, there are many benefits that one can take advantage of. It’s important for everyone to have an estate plan in place, regardless of age or financial standing. An estate plan is a set of legal documents that provide instruction on how to handle your finances, assets, and health care in the event of your death or incapacitation. It can also provide protection for you, your family, and your loved ones.

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Here are 12 benefits of an estate plan.

1. Designate a guardian for minor children. When you create an estate plan, you can designate a guardian for any minor children in the event that you and your spouse are no longer able to care for them. This will ensure that your children are taken care of in the way you desire.

2. Protect your assets. An estate plan can help protect your assets and ensure that they go to the people you choose. This includes making sure that your assets are passed down to your children, spouse, or other loved ones according to your wishes.

3. Avoid probate. Probate is a lengthy and expensive process that is used to settle the estate of a deceased person. An estate plan can help you avoid this process and ensure that your assets are distributed quickly and efficiently.

4. Minimize taxes. An estate plan can help you minimize the amount of taxes that your family or heirs have to pay when you pass away. This can help ensure that your assets are passed on to your loved ones with minimal financial burden.

5. Prepare for incapacity. An estate plan can help you prepare for what will happen if you become incapacitated due to illness or injury. This includes designating someone to make decisions regarding your health care and finances.

6. Designate a power of attorney. With an estate plan, you can designate a power of attorney who can act on your behalf in the event of your incapacitation. This person will be responsible for managing your assets, making financial decisions, and handling other legal matters.

7. Avoid family disputes. Establishing an estate plan can help reduce the likelihood of family disputes over your assets and property. This can help ensure that your wishes are carried out and that your loved ones are taken care of.

8. Provide for charitable giving. An estate plan can provide for charitable giving, allowing you to leave a legacy that goes beyond your family and friends.

9. Establish a living will. A living will is a document that outlines your wishes regarding end-of-life care. This can help ensure that your wishes are respected if you become incapacitated.

10. Make funeral arrangements. An estate plan can help you make funeral arrangements in advance and ensure that your funeral is carried out according to your wishes.

11. Plan for financial support. An estate plan can help you provide financial support for your family and loved ones after you pass away. This can include setting up trusts, designating beneficiaries, and more.

12. Ensure your legacy. An estate plan can help you ensure that your legacy lives on after you pass away. This can include setting up trusts, establishing charitable giving, and more.

If you are looking to leverage the benefits of an estate plan, it’s important to consult with an attorney. At A Petrelli Previtera, LLC, our team of estate planning attorneys can help you create an estate plan that will protect your assets, provide for your family, and ensure your legacy. We have offices across the county to assist clients throughout Pennsylvania, New Jersey, Austin, TX, Bethesda, MD, Chevy Chase, MD, Denver, CO, Washington, DC, Schaumburg, IL, Chicago, IL, and Seattle, WA. Contact us today to schedule a consultation and get started on your estate plan.

Client Testimonials

Here's what our clients have to say about working with us. Please note, results may vary based on individual circumstances.

Melinda Previtera, Esq. came highly recommended to our family. Her knowledge base, professionalism, and compassion paved the way for a successful outcome. Melinda is efficient, detailed, and informative. She helps manage expectations, and postures her client for a fair and equitable result. We are happy to recommend Melinda!

Jennifer A.

My experience was very good. Everyone was professional and attentive to my needs, keeping me updated every step of the way. I couldn’t ask for a better result, highly recommended.

David R.

My marriage life has been a hell for me for the past four years until I decided to put an end to what has to be ended. Choosing a lawyer was another additional stressful part of the long process. I’m so glad that I’ve found the right one for me at Petrelli Previtera. Life isn’t always fair, but at least having her in my corner, felt even better. I couldn’t recommend her highly enough!

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Serving Clients at the Following Locations

Bethesda4800 Hampden Lane, Suite 200 Bethesda MD 20814(301) 234-7409view details
Maryland5425 Wisconsin Ave Chevy Chase, MD 20815(301) 889-8085view details
ChicagoTwo Prudential Plaza 180 North Stetson Suite 3500 Chicago, IL 60601(312) 252-2085view details
Schaumburg1750 E. Golf Rd, Suite 382 Schaumburg, IL 60173(630) 491-9670view details
Texas500 W 2nd St Suite 1900 Austin, TX 78701(512) 883-1684view details
Washington DC1717 K Street NW, Suite 900 Washington DC 20006(202) 519-0366view details
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Princeton475 Wall St, Suite 214, Princeton, NJ 08540 Meeting Location: By Appointment Only (609) 917 9560 view details
Linwood210 New Road #15 Linwood, NJ 08221 Meeting Location: By Appointment Only (609) 375-0351 view details
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Abington1147 Easton Road, Abington PA 19001(610) 890-4833view details
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West Chester, PA. 19380
(610) 431-4012view details
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