Parents in Pennsylvania and across the country want to ensure that the needs of their children are met. Often, they work hard to leave them funds after they pass. As such, careful estate planning can help ensure that any assets left to children are cared for until an appropriate dispersal time. Depending on the needs of a child, a special needs trust may be the best option.
Even with all of the technology available today, some Pennsylvania residents still prefer the old-fashioned pencil and paper method. Whenever a thought comes to mind, it can simply be added to the list or a notation made on a piece of paper. This method may be great for day-to-day activities; however, when it comes to estate planning, a more formal process is generally preferred.
The average Pennsylvania resident attempts to paint his/her family in the best possible light. This means that some details are left out of conversations, and information regarding family dynamics, finances and other significant details are kept hidden. While this is often the best policy in social situations, it can lead to problems if the same strategy is used when it comes to estate planning.
An important part of estate planning and probate is verifying and protecting the assets within an estate. It may be relatively easy to secure real estate and keep track of bank accounts, but for those with unusual or easily transportable valuables, extra precautions may be necessary to prevent them from disappearing before the heirs can obtain them. Items such as art, jewelry, weapons, coins and other collectibles may require a few extra steps in one's estate planning.
The tragedy of drug addiction has hit every state, including Pennsylvania. With heroin and prescription painkillers increasingly responsible for addiction and overdose, few families are untouched by the issue. Watching an adult child become entangled with substance abuse is the worst nightmare of many parents, and it adds a new challenge to the already complex process of estate planning.
Welcoming a child with special needs into the family means accepting a lifetime of joys and challenges. If parents understand that the child may be dependent on them for the rest of his or her life, they carry a heavy responsibility. They also know the time may arrive when they will not be around to care for the child. This is where careful estate planning can provide important safeguards.
There are many understandable reasons for postponing making an estate plan or revisiting the plan one made years ago. For many in Pennsylvania and across the country, procrastinating can lead to tragic consequences with families left to trudge through the loss of a loved one without the guidance of a will, trust or powers of attorney. Fortunately, the process of estate planning is easily handled if broken into small steps.
The importance of making an estate plan is something people in Pennsylvania have been hearing for decades. In some situations, the consequences of failing to plan for the future can be far-reaching. In fact, a man's lack of estate planning ended up before the highest court of one state.
The creation of an estate plan can occur at any stage of a person's life. Some in Pennsylvania choose to do their estate planning when they are young, for example when they start their own business or have children. Others wait until later in life, risking leaving their estate unplanned in the event of an incapacitating illness or untimely death. No matter when one executes an estate plan, it is often beneficial to revisit and perhaps revise the plan at critical junctures in life.