While most people living in Pennsylvania think of estate planning as something that should be done in their 60s, many young adults in their 20s and 30s can benefit from having a solid estate plan. In the unlikely event that something catastrophic happens, an estate plan ensures that their assets will be distributed however they wish. An estate plan also ensures that the right decisions will be made if the person is alive but incapacitated, such as in the event of a coma. Estate planning is essential for people who want to maintain financial control in the case of an accident or death.
There are four important aspects of estate planning that each person should consider. The first is selecting someone for power of attorney. This person will have the ability to make financial decisions on their behalf if the individual is incapacitated. The second is writing a living well, which allows the person to make medical decisions that will take effect if they’re terminally ill. A “Do Not Resuscitate” order might be part of this will.
The third aspect is the will, which allocates financial assets at the time of the individual’s death. Finally, the last aspect is a revocable trust, which provides instructions for how the individual’s assets will be managed after their death. This document isn’t required for every situation, but it can be useful if the person has a large estate with a wealth of assets.
A client who’s looking for more information on estate planning might wish to speak with an attorney. An attorney might be able to help them prepare documents like a will, a revocable trust, and more, as well as select a trusted person for power of attorney. Working with an attorney can help the client allocate their wealth and assets to their loved ones, and make end-of-life care decisions before they reach that stage in their lives.