As soon as someone turns 18, they may have a need for an estate plan. Young adults no longer have people to handle their medical challenges in an emergency and may have their own dependent family members. As people become more successful and establish their own families, they may feel compelled to provide support for dependent family members.
An estate plan gives someone control over what happens to their property when they die, among other concerns. It also allows them to address future medical emergencies. Unfortunately, quite a few adults in Pennsylvania never get around to estate planning.
How many people die without a will?
A will is the most common testamentary document used in Pennsylvania estate plans. People can use a will to designate beneficiaries for certain assets and name a trusted person to serve as the guardian for their minor children.
It is easy to assume that most parents and those with significant resources would create an estate plan for the protection of others and their own peace of mind. While the average person knows how important an estate plan is, many people never get around to creating one. Recent research in the case that roughly two-thirds of adults in the United States do not have any testamentary documents on record. In other words, if they die, Pennsylvania probate laws will determine who inherits the property from their estate.
Those with significant resources, unusual family circumstances or plans for their legacy may benefit from the creation of thorough estate plans. Learning from the mistakes of others may prompt some people to finally embrace the need to create a will or other testamentary documents with the assistance of a skilled attorney.