Estate planning is not just for the rich or elderly

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Estate Planning on Dec 4, 2015.

Many young people in Pennsylvania and elsewhere do not want to think about end-of-life matters, which is understandable. It can be a depressing thought, and too many people do not feel it is anything they have to worry about until later in life. However, these younger individuals may find that estate planning truly does have its place and could be very beneficial for them in the long-run.

When younger generations think about estate planning, they often think they need to have a lot of assets or that they need to be older before it really matters. Estate planning, however, is not something that is just for the rich or elderly. This type of planning is about more than just deciding who gets one’s assets after he or she dies.

An estate plan can include very specific instructions regarding health care, disability and long-term care in the event of incapacitation. One can name a representative who will be responsible for making any medical or financial decisions on his or her behalf. This can help prevent any arguments among family members and can ensure one’s final wishes are honored. Of course, making a plan for assets is important as well regardless of one’s current financial status. Taking this step will ensure that strangers are not the ones deciding how one’s assets are distributed.

While estate planning may seem like something that is okay to put off until later in life, Pennsylvania residents of all ages could benefit from the protections that having one in place can offer. An experienced estate planning attorney can assist in creating a plan that suits one’s current situation. Further assistance can be sought down the line as modifications are needed due to life changes.

Source: thestreet.com, “Why Millennials and Generation Xers Need to Worry About Estate Planning“, James Salter, Nov. 24, 2015