As you may very well know, estate planning is an important part of life, and simply taking some time to sit down with a knowledgeable Pennsylvania estate planning attorney can save you and your family greatly in the long run. That being said, there are certain misconceptions about estate planning. For example, many people think you either have to be wealthy, older, or married to create an estate plan. This is simply untrue, and if you are an unmarried person in PA, there are various reasons why you, too, should also consider crafting a comprehensive estate plan. Please continue reading and speak with our firm to learn more about estate planning for unmarried individuals in Pennsylvania and why it is so important.
Estate Planning for Unmarried Persons in Pennsylvania
One of the primary reasons that you should strongly consider crafting an estate plan as a single person is so you can create one or more powers of attorney. Essentially, these documents give a trusted loved one the right to make critical financial or medical decisions on your behalf, should you be unable to make those decisions yourself, either due to incapacitation or otherwise.
You should also consider crafting an estate plan so you can appoint beneficiaries in your will. Even if you do not have many assets, you most likely have more assets than you may think, and even if you are unmarried, you most likely have various loved ones, such as friends, parents, children, and more who you would like to receive your assets upon your passing. Creating an estate plan can help ensure this happens. If you die intestate, or without an estate plan, it may become very complicated for your loved ones to determine who gets what.
Finally, you should understand that if you were once married, and you are now either divorced or widowed, it is critical that you update your estate plan as soon as possible. This is because there is a very good chance that your former spouse may still be listed as your primary beneficiary, meaning that your former spouse will get many of your assets upon your passing. While you may feel fine about this, in many cases, divorced spouses will change their beneficiaries to ensure they better reflect their current situation in life, which is why it is generally best to revisit update your estate plan at least every five years. If you are ready to get started, give us a call today.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team that you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.