When Pennsylvania residents are young, they may not be able to see a time when they are not. In some ways, that is an admirable trait — they only see the future in snippets and smaller goals. As they achieve them, they move on to new and bigger goals. However, when it comes to estate and probate law, it is less about being older and richer, and more about planning for an unknown future.
How many times have Pennsylvania residents started down one road and ended up taking another? It is this uncertainty in life that makes failing to plan for the future risky. Young people opening retirement accounts, starting businesses and having children may actually have more to lose. This makes estate planning a crucial part of setting goals and planning the future.
Without an estate plan, someone a parent may not approve of could end up raising his or her children. A family member without a head for business may inherit it. That retirement account that started out with a parent or sibling as a beneficiary may not make its way to a surviving spouse or child without going through the estate planning process, during which all assets are reviewed in order to determine the best disposition of them.
Estate and probate law allow an individual to create a plan that works best for his or her circumstances. Estate planning is far from a “one size fits all” area of the law. Regardless of a person’s situation, it may be possible to find a plan that meets his or her goals and appropriately expresses his or her wishes. As an individual ages and life changes, the plan may also change to suit new circumstances.