Carrying out a diversified estate planning process can feel daunting and overwhelming. Your estate is made up of everything you own, so ensuring each item is accounted for can feel like a lot to tackle.
Most people prefer control over how their property will be distributed to friends or family upon death. However, if you don’t have a thorough plan, the intestacy laws of Pennsylvania will distribute your property and assets to any remaining family members.
It is essential to make sure you diversify your estate planning because everything is going to the right place.
Ensuring your assets are accounted for and set to go to the right place should not be something to worry about. Instead, we at Auld Brothers want to walk with you through such a complex and overwhelming process. Estate planning offers peace of mind and can help eliminate problems, save money, and remove potential burdens for those closest to you after passing.
At Auld Brothers, we provide you with a licensed attorney who can guide you while you work on diversified estate planning.
Your master plan is much closer than you think. To learn more about creating a master plan and how we can help you, keep reading.
Why Should You Create a Master Estate Plan
People create a master estate plan for several reasons. However, the most common (and maybe most important) reason is to ensure that your personal belongings are ready to be transferred upon death.
People create a master estate plan to get more control over their assets, provide care when they become disabled, and allow for the transfer of wealth to who they want and when they want.
In other words, a master plan ensures all of your “ducks” are in a row. A plan gives you the ease of mind and the ability to walk through life without any fear that your estate is not taken care of and accounted for.
Breaking Down Diversified Estate Planning
However, before we jump into the ins and outs of estate planning, let’s first make sure we all have the same understanding of an estate.
What Is in Your Estate?
As we already mentioned, an estate is everything you own. However, it may be helpful for us to list everything that is included in everyone’s estate. Some of the things included may surprise you.
- Your car
- Your home
- Your checking account
- Your savings account
- Your investments
- Your life insurance
- Your possessions
The listed items are some of the most common things in a person’s personal estate. However, each estate plan is specific to each individual.
No Estate Plan Looks Alike
As mentioned above, no person’s estate will look alike. Everyone owns different things and wants each to go to a specific place.
There are general master plan guidelines all over the internet, but a thorough plan, created by you and an Auld Brother’s attorney, will set you up for the most success.
We have three generations of experience and want to design a master plan to meet your needs. So, we can help you design a master plan that is catered to your needs and your needs only.
Why Should You Diversify Your Estate Planning
Diversifying estate planning means you have thoroughly planned and accounted for all your assets and belongings. A diverse plan means that each item is set up to go to the right place and has all the necessary details to ensure it ends up in the right place.
A diverse master estate plans for the following:
- All of your belongings and assets
- Possible problems or situations
- Federal or state taxes
In addition, a diverse estate plan will be ready for any potential issues that may arise. The diversified estate master plan covers all of your assets and ensures it is prepared for any issue that may arise.
Along with these reasons, estate planning also seeks to minimize potential taxes while not interfering with your other financial goals. For example, if you choose to transfer your wealth during life or death, you may encounter federal or state taxes. So, an estate plan prepares for these and ensures the number of taxes taken out of your estate is minimized.
As a result, this is why it is essential to ensure you have diversified estate planning. It ensures everything is accounted for, protected, and prepared for future and possible problems.
Issues Addressed During Diversified Estate Planning
During the estate planning process, these common issues are typically addressed:
- The transfer of wealth
- Minimization of transfer taxes
- Protection of assets
- Charitable giving
- Financial planning
When you come into our office, we plan for the necessities and things specific to you.
Each individual’s estate plan is specific to them, so we ensure it is crafted to match you and your needs. So, we will set you up with a licensed attorney, a financial advisor, and a registered investment advisor to put you on the road to success.
Why You Should Tackle Diversified Estate Planning With the Auld Brothers
At Auld Brothers, we have three generations of experience when it comes to estate planning. So we know the process, the system, and how to cater to you.
We aim to see you succeed and be set up for the future seamlessly. We can ensure your wishes are known, and you can leave your assets with the people you choose.
Local Attorneys, You Can Trust
We have been serving the Pittsburgh area for 100+ years, including three generations serving the Pittsburgh area and one generation out of state. We can help you plan out your estate master plan or provide any tax or legal advice you may need.
Over our many years of service and guidance, we have assisted numerous generations of families who trust us and continue to rely on our counsel for their estate plans, trusts, and any other needs.
We can help you find the right choices for your life circumstances. If you have additional needs, we’ve also helped families through the process of probate and estate administration.
If you have any urgent financial needs, please consult a legal or tax professional as soon as possible.
Start Your Diversified Estate Planning With the Auld Brothers
So, if you want assistance with your master estate plan and want to diversify your estate, contact us today to see how we can assist with your estate planning needs!