Estate planning is an important step in ensuring that your hard-earned and cherished assets can be passed down to your loved ones. Many people think that estate planning is solely for the wealthy, older, or married. However, this is not the case. In Pennsylvania, there are various options for unmarried persons regarding estate planning. If you are thinking about an estate plan for unmarried persons, it is in your best interest to take some time and sit down with one of our experienced Pennsylvania estate planning attorneys today to learn about your options.
What is the purpose of a power of attorney when thinking about an estate plan for unmarried persons in Pennsylvania?
A power of attorney gives a trusted loved one the authority to make critical financial or medical decisions on your behalf, should you be unable to make those decisions on your own, either due to incapacitation or otherwise. By creating a power of attorney, your person of choice can make end-of-life decisions regarding medical treatments, and may also be able to manage your finances in the event that you cannot.
Can I appoint beneficiaries in my will?
You should consider creating an estate plan so that you can appoint beneficiaries to your will. Even if you think you do not have many assets, you most likely do. Even if you are unmarried, you most likely have friends, parents, or children with who you would like to receive your assets upon your passing. By creating an estate plan, you are able to decipher your assets and assign them to the beneficiaries of your choice.
If you have questions or concerns regarding how to get started with an estate plan, contact Heritage Elder Law & Estate Planning today. Our legal team is dedicated to helping you navigate through this process.
Do I need to update my estate plan if I am divorced or widowed?
It is crucial that you update your estate plan if you were divorced or widowed. If you do not, in the event that something happens to you, your former spouse may still be listed as your primary beneficiary, meaning they will get many of your assets upon your passing. It is generally advised to update your estate plan at least every five years to ensure that your beneficiaries best reflect your current situation in life.
If you are ready to get started on your estate plan, please do not hesitate to call our firm 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.