Estate planning is essentially the process of ensuring your assets go to the people you want them to go to, but it is so much more than that. It can also allow you to plan for incapacity and terminal illness. When you are young, these may not be such significant concerns. However, accidents happen, and so do unexpected diseases. What happens when you no longer have the capacity to make your health and safety decisions?
Fortunately, Pennsylvania allows every adult who is 18 years of age or older and of sound mind and body to make a will. You can begin estate planning as early as now.
What are the advantages of early estate planning?
When you do not have a will, it can lead to undesirable outcomes. Death and sickness are inevitable and can happen to anyone, regardless of age, wealth or health. Early estate planning has the following benefits:
- You can lay a strong foundation for your personalized estate plan.
- You can help your family avoid disputes over health care decisions and advanced medical directives.
- You can give your assets to the people who matter most to you.
- You can choose someone you trust to decide for you when you can no longer do so due to incapacity.
- You can continuously update with every life milestone.
- You remove the burden of starting from scratch.
- You can minimize taxes when transferring assets.
While you are young, the opportunities are boundless, though you may feel limited by your current resources. You should not allow such limitations to prevent you from exercising your right to self-determination. Remember, to create a valid will, you need to be of sound mind and body. Why wait for more limitations when you have the freedom and autonomy to choose for yourself today?