Many people are of the opinion that estate planning applies only to others. For instance, traditionally, estate planning may have been utilized mainly by wealthier people or individuals who have reached a certain age.
In reality, an estate plan can be useful for people from all walks of life. Of course, contemplating what will happen in the event of your death is not an easy subject, but it is certainly worth some consideration. Having a sound estate plan will do you no harm at all. Whereas, not making plans for the future now could be a regret you have in the future.
Hesitancy is natural, but it is important to overcome this. Outlined below are some reasons that you should tackle your estate plan promptly.
Inheritance can be a contentious topic
Legal battles are rarely pretty and a lack of an estate plan could place your family in this situation. If your instructions are not clear, then they are up for debate. An estranged relative that you have not been in touch with for years could appear out of the blue and stake their claim to your assets, pushing those who you truly treasure to one side. Disputes over inheritance could also see the resurgence of old sibling rivalries, which can take years to get over.
Offering financial security and preventing potential family disputes are among the main reasons to get plans in place as soon as possible. You want your assets to be divided according to your wishes, and a sound estate plan is one of the only ways to put this in motion.
Whether you are young, elderly, vulnerable or in perfect health, estate planning tools can be of great benefit to you. As you make plans for the future, be sure to pay close attention to your legal rights in Pennsylvania.