When it comes to estate planning, people often delay. Millions of Americans, including many in Pennsylvania, know what it is like to put things off until tomorrow. Sometimes, more pressing matters are the reason. But, in many cases, we just procrastinate.
According to a recent report, estate planning is one of several financial moves that Americans wait to start. Many people may procrastinate when it comes to estate planning because they don't think they have the assets to make it a big concern. That is a mistake. Most people would benefit greatly from establishing a comprehensive estate plan, not just "rich" people.
For those who are procrastinating when it comes to estate planning, the good news is that, in many cases, this is not that difficult of a task to complete. Unless a person has a vast amount of complex assets to consider, many estate planning options can be relatively simple. The hardest part is getting started by contacting an experienced attorney.
After Pennsylvania residents have their estate plans in place, it is important to remember that these plans should be updated at various points in life. Major life changes, such as marriages, having children or the death of a loved one, may mean that your estate plan has become outdated. But, once an estate plan is established, it usually isn't too hard to update it when needed. An update may also give Pennsylvania residents an opportunity to review whether or not different estate planning options may be a better fit.
Source: Detroit Free Press, "The top 5 money matters Americans procrastinate on," April 10, 2018