Who Should Have an Estate Plan?
Especially as you get older, you may hear more and more people talking about their estate plans or considerations for establishing one. With this, you may wonder whether you should follow suit. Well, please continue reading to learn who is recommended for an estate plan and how one of the experienced Butler County estate planning & probate attorneys at Heritage Elder Law & Estate Planning, LLC can help with yours.
Who should establish an estate plan?
Any seasoned estate planning attorney may tell you the same thing: as a general rule of thumb, everyone should establish an estate plan. But this is exceptionally true if you have assets, have loved ones, and have intentions for your assets and loved ones when you sadly pass away.
That is, an estate plan may allow your assets to stay protected when you are no longer around to protect them yourself (i.e., your real estate properties, your financial accounts, your family heirlooms, etc). Then, these protections may allow your loved ones to inherit these assets when the time is right (i.e., your surviving spouse, children, grandchildren, etc). Lastly, these estate planning documents may allow you to control exactly which ones your loved ones will inherit which assets (i.e., your eldest child may inherit your art collection, etc).
When should someone establish their plan?
Now that it is settled that you should indeed establish an estate plan, you may be contemplating when it is the best time to do so. Well, in the Commonwealth of Pennsylvania, you can kickstart your estate planning as soon as you reach the legal adult age of 18.
But whenever you eventually do establish it, it is recommended that you go back and update it every three to five years. Or, whenever you undergo a significant life event that may have affected your assets, your relationships with your loved ones, or your true intentions for assets and loved ones. For example, you may have sold your house and moved to a different property. Also, you may have welcomed a new grandchild into your family. Or, your child may have expressed explicit desires about which of your assets they value the most and wish to inherit.
In any event, the last thing you want is to have an outdated estate plan. This makes it vulnerable to the Pennsylvania probate court ruling it invalid and unenforceable. When this happens, your intentions for your assets and loved ones may no longer be recognized. Rather, your estate may be administered according to state laws.
Do not wait. Retain the services of one of the experienced Butler County estate planning & probate attorneys from Heritage Elder Law & Estate Planning, LLC. We look forward to working with you and taking on your case.
