Estate planning is not just for couples and families. In fact, estate planning is a crucial tool for single individuals to ensure their assets are distributed according to their wishes, and to save their families the burden and expense of managing their assets without guidance after their death. When a person dies without a will in Pennsylvania and has no children, their parents inherit their estate. If there are no blood relatives to survive the decedent, then the estate goes to the Commonwealth. If a person wishes for some or all of their estate to benefit a close friend or charitable cause, then an estate plan is necessary to make that happen. Further, bequests to non-family members are subject to the highest inheritance tax rate in Pennsylvania - 15%. Through the proper combination of estate planning documents, single individuals can ensure their wishes are carried out while minimizing inheritance tax. 

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Estate planning also enables single individuals to appoint someone to make healthcare or financial decisions on their behalf should they become incapacitated through injury or illness. College students or individuals traveling abroad may wish to appoint a trusted family member - such as a parent - as financial power attorney to help with any financial matters while they are away from home. An estate planning attorney can help you determine what documents are best suited for your needs. 

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If you are ready to start your estate plan, call today to schedule a consultation.