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Estate planning for different stages of life

| Feb 7, 2020 | Estate Planning |

Some Pennsylvania residents may be unaware of the different types of issues that estate planning may address. When people think about making an estate plan, they may think only of a simple will, or they may think that it is a matter that they should put off until retirement age. However, there are many options that can benefit people of any age and for different reasons. Any adult can benefit, for example, from creating durable powers of attorney for health care and finances. Few people anticipate an incapacitating accident or injury, but these documents can be of major assistance in case of just such an emergency.

People can create a power of attorney naming a loved one to make medical and financial decisions on their behalf if they are incapable of doing so. Not only can people protect their medical decisions, they can also rest assured that their bills and other financial matters will be handled when they cannot do so. These are documents that people may want to change throughout their lives; while people may designate a parent as their representative as a young adult, they may later wish to designate their spouse.

Having children can also inspire many people to plan more intensely for the future. People may purchase life insurance, even if they have hesitated to do so in the past, in order to provide for their kids in case of an unexpected emergency.

There are many things to consider in any stage of life when it comes to planning for the future. An estate planning attorney may help people to develop wills, trusts, powers of attorney and other key documents that reflect their wishes.