It is impossible to know what will happen in the future, which is why it's important to have plans in place to protect both yourself and your loved ones. In addition to establishing a will, and perhaps a trust for your beneficiaries, it's important to have a living will.
As you reach your senior years, you may be watching others around you enjoying the companionship of spouses, children and grandchildren. If you have no immediate family, you are among 25 percent of U.S. seniors whom a university study termed "elder orphans." This means you are single or widowed with no children. Whether this was a personal choice or out of your control, the fact remains that, as you age, you have no family to care for you if you should become ill.
An estate plan is an important step for everyone, no matter the size of the estate in question or the amount of money a person earns. A will is the most basic component of a strong estate plan, but many Pennsylvania residents will find that they need protection beyond what a simple will can offer.
It is impossible to predict the future, but a strong estate plan can help you lay the foundation for a strong future for yourself and your family. There is no one-size-fits-all solution to estate planning, and any effective plan should be tailored to your individual needs and objectives.
Many people associate the term estate planning with the process of distributing assets and property after death. However, an important part of estate planning also centers on helping an individual account for and manage important financial and health care matters while still living.
Many people assume that estate plans are only for the wealthy and elderly. In reality, everyone should have an estate plan in place to plan for the future and protect their interests, assets and loved ones. Estate plans are typically composed of a number of documents, including wills, trusts and powers of attorney. An experienced estate planning lawyer can help you create an estate plan tailored to your particular circumstances and wishes.