Colliton

Having completed your estate documents, you might believe that is enough. Still, you have one very significant step to take. You need to coordinate your estate plan — both the probate assets and the non-probate assets and see how that sorts out.

ignation as “Inheritance Tax only” or “Joint Property only” with the Register of Wills even without probate.

Living trusts are another matter. I was asked recently, “There is a living trust and there is also a will. How does that happen? I thought that living trusts avoid wills.” The will that is typically drafted along with a living trust is called a “pour-over will” and pours over into the living trust assets that are titled in individual name. A living trust may be appropriate in a given case.

So what is the answer? As in so many areas, the answer is unique to you and to your estate. If you have followed the typical route, you may have proudly completed your will, financial power of attorney, health care power of attorney and living will or advance health care directive and feel that everything has been taken care of. On the other hand you may have opted for a living trust. In either case you might believe you have completed everything necessary to establish your estate plan.

Having completed your estate documents, you might believe that is enough. Still, you have one very significant step to take. You need to coordinate your estate plan — both the probate assets and the non-probate assets and see how that sorts out. You should have an elder law or estate attorney who asks you the “what if” questions: What if there is not enough money in your probate estate to handle the inheritance tax? What if inheritance goes to someone who is not prepared to handle it?

You must examine your assets to see how they are titled and also examine your beneficiary designations for life insurance and retirement funds — IRA’s, 401(k)’s, 403(b)’s. If you have not considered these, your estate plan is incomplete and your assets may be directed in a very different manner than you expected on your death.

The property owner should know — “Why am I doing this?” and “What are the results both during my lifetime and when I die?”

When considering your estate plan it is best to play out all the possibilities with all the assets including those that pass by the will and those that do not pass by the will and get expert help if the questions cannot be easily answered. Janet Colliton, Esq. is a Certified Elder Law Attorney and limits her practice to elder law, retirement and estate planning, Medicaid, Medicare, life care and special needs at 790 East Market St., Suite 250, West Chester, Pa., 19382, 610-436-6674, colliton@ collitonlaw.com. She is a member of the National Academy of Elder Law Attorneys and, with Jeffrey Jones, CSA, cofounder of Life Transition Services LLC, a service for families with long term care needs. Tune in on Wednesdays at 4 p.m. to radio WCHE 1520, “50+ Planning Ahead,” with Janet Colliton, Colliton Elder Law Associates, and Phil McFadden, Home Instead Senior Care.