Estate planning is often neglected, as people in Pennsylvania may prefer not to talk about death, or they become wrapped up in their busy lives. However, estate planning is designed to assist people with managing and preserving their assets while they are alive. Estate planning additionally enables people to control and conserve their assets’ distribution following their deaths. What an estate plan looks like depends on one’s wealth, health, lifestyle, goals, life stage and age.
Incapacity has the potential to impact a person at any time. Thus, it is wise for people over the age of 18 to have a durable power of attorney. This document allows people to name others to manage their property for them in the event they become incapacitated and, therefore, cannot do this themselves.
People who are young and not married would benefit from putting a will together. If they fail to do this, any wealth — no matter how little — that they leave behind if they die will most likely go to their parents. This may not be what one wants to happen. With a will, a person can let his or her possessions go to anyone he or she chooses, such as a favorite charity, other relatives, siblings or even a significant other.
With a will a person can posthumously control what happens to his or her valuable assets. This ensures that the person’s wishes are met and that the intended beneficiaries receive the desired assets. Proper legal guidance may help people to efficiently and successfully navigate the often complex estate planning process in Pennsylvania.
Source: theworldlink.com, “Your Financial Health: Estate Planning: An Introduction“, Matt Hoffman, Nov. 11, 2015