Why is an Estate Plan Necessary?

Term, Whole Life and Variable Coverage

Before answering this question, it's important to understand how real and personal property passes following a death.The Four Ways Real and Personal Property Passes at Death... 1.Direct transfer to a named beneficiary a.This would include life insurance and retirement-type accounts 2.Jointly owned property, such as real estate will pass directly to the joint owner 3.A will bequeaths specific real and personal property to an heir 4.Operation of law or "Dying in Testate" - The state takes control of your estate Without an Estate Plan, you could, "Die in Testate." This means, a state court would choose an administrator of your estate and, if needed, a guardian for your minor (under 18) children.The court appointed administrator would distribute your property according to state intestacy laws, regardless of any desire you may have expressed during your life.Through a properly drawn will, you can... * Protect your family's financial needs * Minimize taxes * Name an experienced executor or personal representative who will ensure that your wishes are carried out * Name a guardian for your minor children * Establish trusts to manage the inheritances of any beneficiaries who may be minors or are otherwise inexperienced in asset management * Ensure that your assets will be managed prudently by appointing a qualified trustee of a trust created in your will * Avoid delays and added expense that intestacy proceedings may involve * Secure the peace of mind that knowing your family and other loved ones will be taken care of according to your wishes.For more information call toll free at 877-367-3242.

First Commonwealth Financial Corporation is a Pennsylvania business corporation established in 1983, registered as a bank holding company by the Board of Governors of the Federal Reserve System.www.fcfbank.com

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