If you are like many individuals, you’ve given thought to the need for comprehensive estate planning, but you’ve done nothing about it. You’ve talked about comprehensive estate planning, but haven’t spoken with an estate attorney. There are five key facts about comprehensive estate planning to bear in mind. Considering these facts may motivate you to schedule a prompt appointment with an experienced estate lawyer.
Comprehensive Estate Planning is Not Just for Wealthy Individuals
A common misconception is that comprehensive estate planning is only for wealthy, well-healed folks. In reality, nearly everyone benefits from comprehensive estate planning. The starting point is scheduling a consultation with an estate lawyer. There is no charge for an initial consult regarding the need for an estate plan.
Absent Comprehensive Estate Planning, the State Runs the Show
You must keep in mind that if you do not estate plan, the state runs the show when you pass away. Without an estate plan, the laws of the commonwealth of Pennsylvania dictate what happens to your property when you die. Your wishes, whatever they may be, become complete irrelevant.
Proper Comprehensive Estate Planning Can Protect Children Financially
If you have minor children, or if you have adult children who may not be the best money managers, estate planning is a must. Through a properly crafted estate plan, you ensure that your minor children are taken care of after you pass. A solid estate plan ensures that your adult children are taken care of but that they do not waste money or assets in a frivolous manner.
Comprehensive Estate Planning is Crucial for Non-Traditional Relationships
If you are in a non-traditional relationship, you must develop an estate plan. For example, if you live with your significant other, but are not married, you must have an estate plan in place. Once again, the absence of an estate plan in this type of situation results in the laws of the commonwealth of Pennsylvania determining where your property goes after death. Your significant other can be effectively locked out of receiving your property if you die without a suitable estate plan in place.
It’s Never Too Early to Start Estate Planning
You are never too young and it is never too early to begin comprehensive estate planning. Make an appointment with a qualified estate attorney today to schedule a no-cost initial consultation to analyze you specific needs, goals and objectives.