It’s no secret that many people do not have an estate plan in place, as there are many misconceptions about who can benefit from doing so. Typically, it’s assumed that only those who are wealthy or older should establish a plan. However, all adults should have a plan in place. To combat this, Congress has designated the third week of October as National Estate Planning Awareness Week. If you want to take advantage of this week, the following blog explores why estate planning is important and how working with Pennsylvania estate planning attorneys can help you create a plan that works for you and your needs.
Why is having an estate plan important?
Having an estate plan is something many find important but continue to put off. Unfortunately, whether it’s procrastination, worries regarding the cost, or feeling as though there aren’t enough assets to warrant creating an estate, many will find reasons to continue delaying this process.
Many believe they don’t need an estate plan. However, if you pass away without a plan in place, your estate is left to the state for distribution. As such your assets may go to estranged family members instead of those who you would like to receive a portion of your estate. Ensuring you have a plan in place allows you to protect your assets and beneficiaries upon your passing.
However, it’s important to understand that having an estate plan in place doesn’t only protect assets and beneficiaries upon your passing. You’ll find that creating an estate plan can help protect you while you’re alive. Creating a living will, for example, allows you to dictate the kind of medical care you would or would not like to receive if you become incapacitated or unable to communicate your wishes. Additionally, you can appoint a healthcare surrogate, who can make medical decisions on your behalf. This provides you with the opportunity to ensure you receive the care you want, as opposed to having those decisions made for you.
How can I take advantage of National Estate Planning Awareness Week?
One of the best ways to take advantage of this time is to establish your estate plan. Generally, one of the most important things you should do during this time is to create a will. This is a foundational document that allows you the opportunity to name beneficiaries to inherit your assets.
If you already have an estate plan in place, you can benefit from taking the time to ensure your plan is up to date. Though you should check your plan after major life events, taking the time to confirm that these documents are updated and reflect your wishes is critical.
At Friedman Schuman Layser , our dedicated legal team is ready to help you take full advantage of National Estate Planning Awareness Week. Connect with our firm today to learn how we can help you achieve peace of mind for the future.