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Young people should look into estate planning

On Behalf of | Aug 13, 2020 | Probate & Estate Planning |

Estate planning could prove valuable to those who understand the complexities of personal finance. Anyone can become incapacitated or, sadly, die prematurely. No one knows what can happen on any given day, and this includes young people in Pennsylvania. Therefore, taking steps to perform estate planning may be valuable. No one is ever too young to take care of their fiscal business.

Another point worth mentioning is that someone need not be wealthy for estate planning. Any assets, including a small amount of savings, automobiles or personal belongings, would enter the intestate proceedings if someone died without a will. Writing a will with the help of an attorney ensures that all desired wishes take place upon someone’s passing. That someone could be a person in their 20s or 30s.

Another misconception about estate planning is that it only handles matters related to death. Complex estate issues may involve a person who is still alive. A young person with many responsibilities or, possibly, concerns about money management could hand over duties to someone through power of attorney. A power of attorney should go to a trustworthy person since that individual can act on someone’s behalf to handle banking, investments and various other matters.

Power of attorney, however, does not extend to health matters. Medical care and related duties appear in a health care proxy or a living will. A health care proxy directs another person to make medical decisions for the incapacitated. With a living will, the incapacitated individual spells out their wishes in a written contract. Someone ending up in a coma after a car accident, for example, could request being taken off life support based on directives in a living will.

No matter a person’s age, working with an attorney may improve the chances that estate planning goes as preferred. An attorney may assist the client with devising the documents.