No Pennsylvania financial plan is complete if it does not include an estate plan. Estate planning is something many adults tend to avoid because it brings on thoughts of death and leaving loved ones behind. There are a number of misconceptions surrounding estate planning that people lean on to avoid the subject.
It isn't uncommon for Pennsylvania residents to use beneficiary designations for 401(k) or 403(b) assets. Designations can also be used on a variety of other assets, including cars, houses or boats. It is important that these designations are made carefully to avoid negative or unintended estate planning consequences.
Many people in Pennsylvania may find that estate planning can be a stressful process. Estate planning requires that people think about the end of their lives, which can be quite uncomfortable for some. It can also be stressful if the estate owner doesn't understand the tools available to achieve their planning goals.
Pennsylvania residents can use a revocable trust to bolster their estate plans. A revocable trust will continue indefinitely, ensuring the deceased grantor's wishes regarding the handling an estate are honored. If the grantor is also the trustee of the trust, the provisions should address who should be the successor trustees after the grantor dies.
Pennsylvania residents may wonder what's necessary to include as part of an estate plan. While thinking about the future may be a sensitive issue, it can also be an important means to make life easier for loved ones and ensure that a person's wishes are carried out. Many people put off making decisions about estate planning, especially in their younger years. However, even young people can benefit from making an estate plan, especially if they have any kind of assets, are married or have children.