Thanks to pop culture, many people believe that estate planning is something for the rich and ultra-wealthy. After all, how much do you own to have an estate plan? That’s probably the biggest myth of all. Everyone needs to think of estate planning at some point, and you are never too young to do that. With the right tools and documents, you can ensure that your wishes are honored, and your family is taken care of, should something happen to you. Talk to an estate planning lawyer Philadelphia to know more. In this post, we are sharing more about the need for having an estate plan.
Incapacitation & related consequences
What happens if you become ill or incapacitated and cannot manage your financial affairs? What if you are not in a position to make medical decisions? Estate planning allows you to draft documents for all that. You can have advanced healthcare directives, such as a living will and a durable power of attorney for healthcare. With the latter, you can assign someone to make medical & healthcare-related decisions for you. A durable power of attorney for finance authorizes an individual to take over your financial affairs if you cannot make those decisions.
Protect your property
What if you die without a will in Philadelphia? The court will typically divide your assets as per Pennsylvania law among your heirs. With estate planning, you can have complete control over what happens to your assets after your death. You can choose to disinherit the people you want, make provisions for your pet, name a guardian for your minor kids, donate your wealth to a charity – The choice is yours. If you don’t have an estate plan, you don’t have any control over what happens after your death.
Minimize conflict
Besides wealth management, estate planning also allows you to reduce friction among your loved ones after you are gone. If you don’t have a will or other key elements, things can be confusing for your family, and this can leave room for disputes. You can provide clarity by creating the key estate planning documents.
While you need an estate plan, don’t assume that you can do everything on your own. Any mistake or drafting error can only create more trouble for your loved ones. Call a reliable estate planning attorney in Philadelphia and ask about the documents and tools you can consider to protect your family.
