Never Too Young for a Will and Estate Plan

Written by David Mills

No matter the amount of money you have, you need to have a plan.  In the event you are incapacitated, you need a plan on who can make decisions for you.  The administrator of the September 11 Victim Compensation Fund of 2001 wrote on March 26, 2015 in the New York Times, “Over half the victims on Sept. 11 did not have one.” Kenneth Feinberg was referring to a will and an estate plan. He reasoned, “Given that they were relatively young and in good health with excellent jobs, they seem not to have thought it was necessary.” No matter your age, you should have a will and estate plan to direct your wishes. 

A basic estate plan consists of a Last Will and Testament, a durable financial Power of Attorney, and an Advance Directive for Health Care, which includes both a Health Care Power of Attorney and a Living Will.

Planning also comes in other forms where MPL can assist you:

• We create Special Needs Trusts and Supplemental Needs Trusts for those with a disability.
• We apply to the Orphans’ Court to appoint a Guardian for a loved one who has lost the capacity to receive and communicate information effectively.
• We form trusts for minor children.
• We nominate guardians in your Will for your minor children. 
• We plan gifts to individuals and charitable entities.
• We coordinate your payable-on-death (POD) accounts and transfer-on-death (TOD) securities with your Last Will and Testament because the Will does not control these non-probate assets. The same can be said for your retirement accounts, like 401(k)s, 403(b)s, and individual retirement accounts (IRA), as these assets also are not affected by your Last Will and Testament.

Estate planning is a chance to review your accomplishments and share them with the people you care about. Contact the estate attorneys at MPL Law in York, Pennsylvania, to learn more about will preparation and how we can help.