It is uncomfortable for many people to contemplate what would happen if they got into an accident where they were left unable to care for themselves, or worse, had fatal injuries. However, these are exactly the situations for which families should be prepared with a will, living trust, or at the very least a healthcare power of attorney.
A recent Princeton Research study of 1,003 adults found six out of 10 had no will. The older participants in the study were more prepared than their younger counterparts. Only one in five of participants aged 18 to 36 had composed a will or living trust compared to 80 percent of those 72 and older. Half of those surveyed said they just had not gotten around to it and a third felt they did not have many assets and therefore a will was not a priority for them. Some people do not want to deal with unpleasant issues like passing and others think cost is prohibitive.
For adults, it is important to designate someone familiar with your wishes for a medical power of attorney in the event that you are ever incapacitated and cannot make your own decisions. More than half of all American adults have already taken this important step.
Other reasons to establish a living trust or will are more obvious. Dividing assets in advance can avoid disputes between heirs. Charitable causes can also be designated to receive part of the estate. Funeral wishes can be stated, and in this digital age, directives can be given for what happens to social media accounts. Parents can designate legal guardians so that the state does not decide what happens to their children in the event of a tragic accident. Cretakers for pets can be designated, too.
End of life planning ensures that your loved ones are financially secure. It saves them emotional stress during bereavement and gives you the peace of mind that your affairs are in order.
Planning for the future and the unforeseen is difficult, but the caring Media wills and estates lawyers at Eckell, Sparks, Levy, Auerbach, Monte, Sloane, Matthews & Auslander, PC, can guide you through the process to make sure the needs of you and your loved ones are in order. You can rest assured that you are in good hands when you trust us to help you designate your estate and healthcare wishes. Call us today at 610-565-3700 to schedule an appointment in our Media or West Chester, Pennsylvania offices. You can also contact us online. We serve clients in Delaware County, Montgomery County, and Chester County and throughout Southeastern Pennsylvania.