Many people do not have an estate plan. In fact, the AARP reports that approximately half of American adults who are over 50 lack an estate plan. An even higher percentage of young adults have not yet set up an estate plan. Every person needs a comprehensive estate plan. You are never too young for estate planning. Here, our Mechanicsburg estate planning attorney explains why estate planning matters at every stage of life.
Dispelling the Myth: Estate Planning for Young Adults
There is an all-too-common misconception that estate planning is limited to older adults and/or those with significant wealth. That is simply not the case. Young people can benefit from estate planning. Middle-class families can benefit from estate planning. In Pennsylvania, people gain the legal authority to create estate planning documents at age 18. A basic plan should include a Last Will and Testament, a Durable Power of Attorney, and an Advance Health Care Directive. These documents protect a person’s interests if an unexpected accident or medical event occurs. Young adults who own property, have dependents, or serve in high-risk professions need an estate plan. Young adults who do not meet those criteria can benefit from setting up an estate plan as well.
Note: For older adults, estate planning becomes even more important. In Pennsylvania, comprehensive estate planning for an older adult may include establishing revocable living trusts to avoid probate, structuring beneficiary designations, and planning for long-term care through a proactive Medicaid eligibility strategy.
Key Life Events That Require Estate Plan Updates
The earlier you set up an estate plan, the better. However, that does not mean that you should “set it and forget it.” Quite the contrary, your estate plan should evolve with major life changes. Here are some common examples of events that could justify a change:
- Marriage or Divorce: Updating beneficiaries, powers of attorney, and healthcare designations prevents conflicts between current and former spouses.
- Birth or Adoption of a Child: Parents should appoint guardians and adjust inheritance terms to reflect future needs.
- Career Advancement or Business Ownership: Increased income or new business assets require updated tax planning and succession strategies.
- Relocation to Another State: Each state has unique probate and tax rules. Moving to or from Pennsylvania often warrants a review to ensure compliance.
- Major Health Changes: Serious illness or disability may require additional medical directives or trust arrangements to manage ongoing care.
As a best practice, you should review your estate plan on a regular basis. It is a good idea to take a look at your estate plan at least every few years.
Contact Our Mechanicsburg Estate Planning Attorney Today
At Keystone Elder Law P.C., our Mechanicsburg estate planning lawyer has the knowledge and experience that you can rely on. We strongly believe that proactive estate planning matters at every stage of life. Call us at 717-697-3223 or contact us online for a fully confidential consultation. With an office in Mechanicsburg, we provide estate planning services all across the region.