Estate Planning Objectives
There are a number of misconceptions about Estate Planning that can cause people to plan poorly or not at all. One of the most common myths about Estate Planning is that it is only for the elderly and wealthy. The truth is, that anyone over the age of eighteen should have a basic Estate Plan in place. If you have yet to start the estate planning process for whatever reason, read on to learn why there’s no time like the present to get started.
Some people believe that an Estate Plan isn’t needed unless they have considerable wealth. But there is more to consider than just wealth! An Estate Plan accomplishes more than just serving as guide for the distribution of your assets after your death. Here are some other objectives of Estate Planning for you consider:
Planning for incapacity
Incapacity doesn’t discriminate: it can happen to anyone at any time regardless of age or wealth. If you were to become suddenly incapacitated, who would decide what medical treatment you should receive? Who would manage your finances? Who would decide where you are to receive treatment or where you will live? It is important to consider these questions in advance because, unless you have an incapacity plan in place, all of these decisions could be left up to the court to decide.
Planning for your Children
As a parent, your most important assets are your children and should you become incapacitated or pass away suddenly while your children are minors, you will want to ensure that they receive the best care possible. Your opportunity to tell a judge who you want to designate as your children’s legal guardian is in your Will. As an important part of your Estate Plan, your Will allows you to plan for the care of your children should you be unable to do so yourself.
Planning for Medicaid
Many of us will need to qualify for Medicaid in order to cover the high costs associated with long-term care but if you don’t plan ahead, you are at risk of losing the assets you have accrued over your lifetime. Planning ahead will ensure that you are eligible for Medicaid when you need it.
Planning for your Pet
If you have a pet, you will want to make sure that he or she is well looked-after if you are unable to do so yourself. By incorporating your pet into your Estate Plan, you can ensure that your four-legged friend will be safe and placed with people whom you know and trust.
The objectives of Estate Planning cover much more than the distribution of your wealth. If you are new to Estate Planning or would like to discuss your specific situation with a trusted Estate Planning Attorney in Pittsburgh, please call us at Fingeret Law at 412-254-8533 or contact us online.