All adults, even those who don’t have many assets to leave behind should ensure they have an estate plan in place. Your estate plan gives your loved one instructions for your assets, but it also provides instructions for your care if you’re incapacitated.
It’s imperative that you understand what’s going to happen if you die and don’t have an estate plan in place. This might provide you with the fuel you need to get your estate plan done.
What happens to your assets if you pass away without an estate plan?
Not having an estate plan means that your assets will be handed out according to the Pennsylvania intestate laws. This doesn’t leave you any say in who is going to get what, so it’s best to have your plan written out and in place before anything happens to you. Even if you only have a few treasured possessions, you may have a very clear idea of who should receive those items. Having an estate plan is the way to make that happen.
Who will make decisions if there’s no power of attorney or advanced directives?
You can use a power of attorney to place someone in control of making decisions about your health care and finances if you become incapacitated. If you die without the power of attorney, your next of kin will likely have to make those decisions. The advanced directives are a written plan that your medical care team can follow if you become incapacitated. Both of these documents are important parts of any estate plan.
The only way to ensure that your wishes are followed is to lay them out in an estate plan. Working with a professional who can help you to do this is critical so you can get it all set up so it can be followed.