Who Needs to Have an Estate Plan?
Most people who hear about estate planning in Pennsylvania assume that this process is not yet necessary. Perhaps you believe that estate planning is something reserved for people on their deathbeds. Maybe you think that you have many years left before you must worry about things like Wills, trusts, and healthcare surrogates. However, estate planning might be more important than you realize, and it can help people of all walks of life.
Any Legal Adult Can (and Should) Create a Will
Pennsylvania law states that any legal adult 18 or older can create a Will. This does not mean that everyone above the age of 18 must create a Will, but virtually anyone above this age limit can benefit from an estate plan.
Even the youngest individuals can generate wealth quickly, especially our most talented and creative young citizens. Putting wealth and Wills aside, young adults might also want to create other estate planning documents such as advance directives.
Advanced directives mostly deal with healthcare decisions rather than financial matters. When a child turns 18, their parents lose the right to make these healthcare decisions. If the child becomes incapacitated due to some kind of injury or disease (perhaps during their stay at a college far away from home), the parents will have no legal authority to make decisions about the child’s care. These kinds of situations highlight the need for an estate plan at virtually any age.
Consider Creating an Estate Plan After Major Family Changes
If you have not already created an estate plan, you should consider taking this step after you experience certain family changes. Examples include marriage, divorce, childbirth, and adoption. All of these major milestones have estate planning implications you might want to discuss with an experienced lawyer.
Marriage might lead to changes in your advance directive, will, and trust. Divorce might force you to quickly alter the changes you made before marriage. The birth of a new child or adoption may force you to add new beneficiaries to your Will.
Create a Will Before it is Too Late
Once you become mentally incapacitated, you can no longer create a valid Will in Pennsylvania. Incapacitation can strike when you least expect it, even if you are extremely healthy today. Create a Will now to avoid issues in the future, and you might find that this decision provides peace of mind.
Contact Audi Law, PLLC to Learn More About Estate Planning in Pennsylvania
If you are ready to learn more about estate planning in Pennsylvania, consider meeting with an attorney. A consultation carries no obligations, and you do not need to move forward with a lawyer after meeting with them for the first time. You might find this meeting highly educational, and it will give you an opportunity to discuss your unique circumstances. Continue this conversation by calling Audi Law PLLC at 717-707-5611 or find us online.