It is not always easy to think about the future and make plans for loved ones. You may not have an estate plan because you believe that you do not need one due to the fact you are young, healthy, not wealthy or for another reason. Perhaps you have told your children what you want to happen to your Pennsylvania estate after you pass, and you believe that is sufficient.
Estate planning is a smart step for everyone, regardless of income level, health status or the size of the estate. In a very basic sense, it is essentially giving you the right to have a say over what will happen to your money and assets after you pass, but there is much more you can accomplish with your estate plan. Life is unpredictable, and there is significant benefit in moving forward with your plan as soon as possible.
Identify your goals
Every person is different, and there is no one-size-fits-all approach to estate planning. You can craft your plan to suit your individual needs and goals for the future. Your estate includes things such as bank accounts, retirement savings, real estate, personal property and much more. Through a thoughtful plan, you can accomplish things such as deciding who gets what after you pass, outlining your medical care wishes in case of incapacitation and making determinations of other issues that may arise.
Even if you think an estate plan is not necessary at this time, there are many important things you can accomplish with a will, trust, health care planning documents and other tools. Some of the benefits of estate planning include:
- Giving you peace of mind knowing that you have a plan for how loved ones will divide your estate after you pass
- Minimizing the legal complications your loves ones will experience when settling your estate.
- Allowing you the right to have a say over the type of medical care you want in the future, as well as making funeral plans for yourself.
- Minimizing the taxes associated with your estate.
These are just a few reasons why you would be wise to consider having a plan in place, even if you are young and in good health. Estate plans can be extensive and complex or straightforward and simple. What you need depends on the details of your estate and your goals for the future. An assessment of your case can help you decide what you may need in order to protect your interests and provide security for loved ones.