If you are one of the many millennials in Pennsylvania, the thought of creating a will, a trust or any other type of estate planning document seems like something far off in the distant future. In fact, you likely think about it only in terms of something your parents or grandparents should be doing. This could not be further from the truth. Certainly, your parents and grandparents can benefit from these things but so can you.
As explained by NerdWallet, estate planning is not always just about outlining your wishes for after you die. There are several tools available that can provide valuable assistance to your family members should you ever be in an accident and unable to make your own health care decisions or manage your own finances. An advance directive, for example, gives someone else the ability to make choices about your care. A power of attorney allows another person to take care of your financial matters until you are able to do so again.
If you already have children, you can create plans for guardianship of them in case you and their other parent were to die prematurely. Having these things defined ahead of time can dramatically ease the challenges your family members must navigate during a difficult time.
If you would like to learn more about the tools that may be helpful to you in managing your life and your assets now and as you age, please feel free to visit the millennials' life events page of our Pennsylvania estate planning website.