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Why an Estate Plan is Essential for Single People

Too many single people don’t think that they need an estate plan. However, they should.

A complete estate plan doesn’t just designate how your assets will be distributed after your death. You can and should have documents in place that designate who will see that your wishes are carried out and manage your affairs if you become too incapacitated to do so.

You can also designate who will take care of your financial affairs if you can’t. This will help ensure that your wishes will be known and honored not just after death but if an unexpected illness or injury befalls you that leaves you unable to speak for yourself. That can happen to anyone at any age.

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What Health Care Documents do You Need In Your Estate Plan?

Too many people put off estate planning until it’s too late. Over half of all Americans die without any type of will or estate plan, according to the American Bar Association.

While no one enjoys contemplating what will happen after they die, estate planning is about more than that. It’s a chance for you to document what you want to happen if you become too ill or injured to speak for yourself or make your own decisions. That can happen to anyone at any age.

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When do You Need to Change Your Estate Plan?

If you have a will, trust and other estate planning documents, you’re better off than most people, even those in the latter half of their lives. However, it’s essential to remember that this is rarely a “one-and-done” process. It’s always best to have an estate plan in place sooner rather than later. However, don’t forget that you will likely need to make some revisions as things happen throughout your life and the lives of your loved ones, as they do for all of us.

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What We Can all Learn from David Bowie’s Estate Planning

Music stars are not generally known for their financial acumen or their estate planning. The families of music icons including Jim Morrison, John Lennon, Kurt Cobain and Tupac Shakur have gone through nasty estate battles because these men failed to do adequate, if any, estate planning. The same cannot be said for music legend David Bowie, who recently died from liver cancer just days after his 69th birthday and the release of his final album.

Bowie admitted that he was not always wise in dealing with the considerable amount of money that he earned. In fact, in the 1970s and 1980s, he was reportedly near bankruptcy. However, that seems to have changed in the early 1990s after he married former supermodel Iman and moved to New York.

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Help Ensure Your Pets Are Cared For When You’re Gone

Too many pets end up in shelters every year because their guardians died unexpectedly, leaving them with no one to care for them. In many cases, people assume that their family or friends will take care of their animals after they’re gone or maybe they even agree to do so. However, for a number of reasons, that doesn’t always work out — again leaving animals dumped into shelters.

This is why pet trusts have grown in popularity. In fact, 40 states, including Pennsylvania, have pet trust laws in place. Many estate planning attorneys have experience helping their clients include language in their estate planning documents to specify whom you want to care for your animals after you’re gone and how much money you want to go to your designated pet caregiver to help with the cost of caring for them.

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The Importance of Health Care Directives and Living Wills

When many Pennsylvanians seek the services of an estate planning attorney, they intend only to get a will and possibly a trust in place. They want to designate who will get their assets when they are gone.

Those documents are a great start to your estate planning. However, experienced estate planning attorneys tell their clients that they also need a living will and an advance directive for health care declaration, known in some places as a healthcare power of attorney.

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