In today’s world, medical advancements have come a long way. People are living longer and more illnesses and injuries have treatments and cures. While this is great news, Pennsylvania residents should not rely on the idea that they will be healthy forever. To have an estate plan does not mean that you plan on a future where you have limited capacity. It is all about being prepared for a future that you cannot predict.
Forbes stresses that no one really knows what the future holds and that young and healthy people may face incapacity. There is no harm in having a contingency plan to protect yourself, your finances and your family in the unfortunate event that you have a sudden accident or illness diagnosis. An estate plan can help you to prepare for a future.
You can think of trusts as protection of your assets. For as long as you can be, you should be the decision maker or sole trustee. However, if you can no longer make those decisions in the future, you need to have a person you trust as the contingent trustee. This person can step in on your behalf.
You have control over what you direct the contingent trustee to do. For instance, you can request that you stay in your home for as long as possible or that none of your valuable assets go up for sale. If you do not plan, if something were to happen, then the state appoints a guardian. You have no control over this.
None of the above article is legal advice. It is for educational purposes only.