You may realize that you should have an estate plan, but you may not know where to start. It is important that you find out what to do rather than sitting on it and waiting until later. Should you die before getting your estate plan in order, the state of Pennsylvania will make all the decisions about your assets for you. To avoid this and to ensure you take care of your heirs, you need to begin by creating some important documents.
MarketWatch suggests keeping your estate plan simple in the beginning. You can always change it or add to it later. The main goal right now is to get something in place that will handle your affairs from a legal standpoint.
A good way to begin is by creating a will. You can explain what you want to happen with your assets and determine who to leave them to in your will. It is an easy document to create and implement. Make sure to include all of your assets. Do not forget about insurance policies or investments.
You may also want to include a power of attorney. This document gives the person you designate the power to make decisions for you if you are unable to do so. You can limit this to financial decisions, healthcare decisions or whatever you want. You can also give someone the broad power to make all decisions for you.
This is a good start on your estate plan and will give you at least a little security should you die. You should revisit your plan often, especially if you experience life changes, to keep it up to date or add things as needed. This information is for education and is not legal advice.