Most Americans do not prioritize estate planning. While it is crucial to provide guidance for how to handle your household and assets after you pass, many Pennsylvanians put it off. There are several reasons that a person may decide not to focus on his or her estate plan. One of the biggest reasons is that it is simply an issue that most do not want to think about.
What do you know about estate planning? Here are some fast facts about estate planning that may help you focus on prioritizing your plan, as addressed by U.S. News.
You can change your estate plan
Some people believe that they need to wait because one, they do not need an estate plan right away, and two, if they create one too fast they will not be able to change it. You can change your estate plan as you age and as your circumstances change also. Even if you have your assets in order, this could change. Later, you may decide that you need a heath care proxy or that you want to change your beneficiaries.
You do not have to be rich for an estate plan
There is a common misconception that you have to be wealthy in order to have an estate plan. If you do not believe that you have assets of value, you may skip the estate plan altogether. This is forgetting that you may have items valuable to members of your family. You may be surprised to learn that some of your assets have a higher financial value than you originally assumed.