Important mistakes to avoid when planning your estate

On Behalf of | Apr 15, 2022 | Probate & Estate Planning |

Estate planning is a crucial process that takes careful consideration. For many in Pennsylvania, it involves the most important decisions that they will make in their adult life. It’s something that takes time, patience, careful forethought, and ample research.

Don’t wait until it’s too late

For an estate plan, the “last minute” spans decades. This is a process that is often still thought of as something for middle-aged adults or even seniors to do. But as soon as you hit the age of 30, or even if you are younger than 30 and you have children, estate planning is a worthwhile process in which you can engage that will take one element of uncertainty out of your future.

If you wait until later in life, there might not be enough time to straighten out every detail of your plan. It’s akin to saving all the work for a big project until the day before it’s due and trying to cram it all in the night before. If you’re in your thirties and intimidated by the idea of starting the estate planning process, know that it’s generally not so complex of a venture if you start it early.

Beware of incapacity

Some people think that estate planning only means planning for what happens after you die. Good estate planning will also take into account what happens if you are sick or disabled or incapacitated and not able to transact your own business.  This can mean having a court appoint a guardian or conservator if proper planning has not been completed. This can be avoided by preparing powers of attorney in advance that names a trusted individual to take care of the principal’s affairs, and should be a standard document for anyone over 18.

Jumping into your estate plan with both feet is a great way to ease your mind and may provide comfort to your family as well. The future is uncertain enough, and when you talk openly with your loved ones about this type of planning, it can provide everyone with the solace and confidence needed to face many of life’s hurdles. Call an experienced estate planning attorney today to get the process started. You will feel relieved when you have a plan in place.

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