Regardless of your age or financial status, you have probably heard others talk about an estate plan. The term may seem out of your league, but all it really means is planning for what happens after you die or if you should become incapacitated. For that reason, an estate plan is what almost everyone in Pennsylvania needs, including you.
Forbes explains that most people can benefit from having an estate plan because it will help plan for your needs should a situation arise where you cannot make your own decisions. The financial aspects are just part of this type of planning. So, if you think that you do not have enough assets to create an estate plan, then you are incorrect because it is about far more than assets.
However, if you do have assets, then you should also create one. You need this plan so that you can say what happens with your accounts, property and other things you own after your death instead of the state making those decisions, which is what happens if you have no plan in place.
It is also a good idea if you have children under the age of 18. In the event of your death, the state will take custody of your children if the other parent is not available to do so. You would not want this to happen, so you need a plan in place for who would take over custody and care for them.
There are many reasons to create an estate plan, so having one can benefit almost everyone. This information is for education and is not legal advice.