When you’re young, footloose, and fancy-free, estate planning is the last thing on your mind. As you grow and mature, however, you’ll need to start thinking about your future. If you’ve passed any of the following milestones, it may be time to begin estate planning. Moreover, no matter your age or life circumstances, accidents and illnesses can happen to anyone at any time, so it’s never too early to prepare a will or draft durable powers of attorney.

5 Events That Mean It’s Time to Begin Planning Your Estate

1. Marriage

If you pass away without a will, Pennsylvania law dictates that your assets will be divided among your closest relatives. If your parents have passed on and you have no children, your spouse will inherit your entire estate. The rules change if you have children with your spouse, children from a prior relationship, or if you have parents. To ensure an arrangement that conforms to your wishes, you’ll need to prepare a will to ensure your property goes to the individuals you choose, not those chosen by the state.

2. Birth or Adoption of a Child

Becoming a parent is one of life’s greatest joys and responsibilities, and many parents want to continue providing for their children after they’re gone. Depending on your circumstances, you may want to name a guardian for your children, establish a trust for their benefit, or leave them a larger portion of your estate.

3. Starting a Business

With proper guidance, a comprehensive estate plan will ensure that your business continues after you’ve passed away. In addition to determining who should control your interest in the company, an attorney will help you prepare a succession plan that minimizes conflict and business disruptions.

4. Buying a Home

A home is probably one of the most valuable assets you’ll ever own, so you should consider who you want take possession of it if something happens to you. If you’re not married, the probate court may give it to a family member from whom you’re estranged, or perhaps have never met. 

5. You Receive a Large Inheritance

After acquiring any assets of significant value, you should take the time to consider how they should be divided after your death. Doing so as soon as you receive your inheritance will dramatically reduce the likelihood of bitter legal conflicts over your property, which can tear apart even closely knit families.

Protecting your loved ones and planning your estate is a daunting task, but Ferraro Kruk & Ferraro, LLP has the expertise simplify the process. With their vast knowledge, years of experience, and client-centered approach, their attorneys have helped clients throughout Pennsylvania’s Cameron and Elk Counties prepare documents, clarify their wishes, and resolve difficult issues before they arise. Visit their website for more on their estate planning services or call (814) 268-2202 to schedule a consultation today.