Recent survey data reveals a startling statistic: approximately half of American adults do not have a will (Gallup News). This figure is concerning, as everyone—regardless of their financial situation—should have not only a will but also a comprehensive estate plan. Estate planning is a critical component of securing your legacy and ensuring that your wishes are followed after your death. In this article, our Mechanicsburg estate planning attorney discusses why estate planning is so important and why every adult in Pennsylvania should prioritize it.
Control What Happens to Your Property and Assets
One of the primary reasons for having an estate plan is to retain control over your property and assets. Without a formal estate plan, you will be classified as “intestate,” meaning Pennsylvania law will determine who inherits your property. This process removes your ability to influence the distribution of your estate, and the results may not align with your wishes. By having an estate plan in place, you can specify exactly how your assets should be distributed, giving you complete control over your legacy.
Make Provisions for Minor Children or Dependents
If you have minor children or dependents, an estate plan is essential to ensuring their well-being and future care. Through your estate plan, you can designate guardians for your children and set up financial provisions to support their upbringing. Without these arrangements in place, the court will make these important decisions on your behalf, and you may not have any say in who becomes the guardian or how your children’s needs are addressed. An estate plan ensures that your loved ones are cared for according to your wishes, even in your absence.
Put a Proper Asset Protection/Wealth Preservation Strategy in Place
Asset protection and wealth preservation are integral components of any well-rounded estate plan. In Pennsylvania, tools like irrevocable trusts and strategic gifting can safeguard your wealth for future generations. With proper planning, you can protect your hard-earned assets from potential creditors or legal claims. A comprehensive estate plan also ensures that your wealth is passed down to future generations according to your preferences, allowing your family to benefit from your success for years to come.
Protect Yourself in the Event of Incapacity
Estate planning is not just about what happens after your death—it also involves preparing for the possibility of incapacity. Though it can be difficult to think about, there may come a time when you are unable to make important medical, legal, or financial decisions for yourself. An estate plan can provide peace of mind by appointing a trusted loved one to make decisions on your behalf if you become incapacitated. Through tools such as a durable power of attorney, you can ensure that your health care and financial matters are handled according to your wishes, even if you are unable to express them yourself.
Reduce Stress—and the Risk of Conflict—Between Your Loved Ones
A well-crafted estate plan can significantly reduce stress and the risk of conflict among your loved ones. Clear instructions about how your estate should be handled can help your family members navigate the difficult process of settling your affairs, ensuring that everyone is on the same page. Without an estate plan, disagreements over asset distribution or guardianship can lead to costly legal disputes and strained relationships. By establishing a plan, you clarify your intentions, minimizing the potential for confusion and conflict in the future.
Contact Our Mechanicsburg, PA Estate Planning Attorney for a Confidential Consultation
At Keystone Elder Law P.C., our Mechanicsburg estate planning attorneys are committed to helping individuals and families protect their assets and secure their futures. Estate planning is an essential step in protecting yourself, your family, and your legacy. If you have any questions or concerns about the estate planning process, we are here to help. Contact us today for a private consultation. Our team is proud to serve clients throughout the Mechanicsburg area and beyond.