It is never too early to start planning for the future. Part of that planning includes making clear your wishes for what happens to your estate when you pass. The importance of having an estate plan increases as you build your family and accumulate assets. However, it is important to have the right kind of plan for every stage of your life.
If you are considering starting the estate planning process, it is important to have legal guidance to ensure your documents are in compliance with Pennsylvania laws. An experienced estate planning attorney in the Pottstown area can help you plan the right kind of future to suit your needs.
Most people do not think about estate planning in their twenties, while they are still in college or new graduates. Maybe you think that you do not have enough to worry about, or perhaps you think that it is too soon to be concerned with what happens to your property after you die. However, even as a new graduate, you may land that perfect job that allows you to acquire significant assets. A will ensures that your property passes to your loved ones.
Before you marry
If you are in a long-term relationship, a will can make sure that any property you and your significant other have purchased passes to her or him if you pass away unexpectedly. If you choose not to have a will in place, but still want large purchases to pass to your boyfriend or girlfriend if you die before you get a chance to get married, you might consider “joint tenancy with the right of survivorship.” With this designation, the property will pass directly to her or him in full.
When you start a family
Once you have children, it is definitely time to sit down and write a will. You should make it point to specify that your property should pass to your spouse and children. In addition, you should also name a guardian for your children in case both you and your spouse pass while your children are minors. If you do not name a guardian, the court will choose one for you.
It is never too soon to think about estate planning. Whether you are just out of college or starting your family, you should take the time to write out a legal will. Having proper estate planning documents in place will give you peace of mind and provide security for your family.