By Kevin J. O’Hare, Esq.

Many people think of estate planning as something to take care of “someday” – when they are older, or have more time.  Many also think that estate planning is only for “some people,” such as those who are well off, have multiple houses and millions of dollars in the bank.  But in reality, estate planning is one of the most important steps you can take at any stage of life, regardless of your financial status, to protect yourself and those you care about.

Here are a few reasons why it is worth making your own estate planning a priority:

1.  Clarity for Your Loved Ones

A will or trust provides clear instructions about how your assets should be distributed.  Without these documents expressing your instructions, decisions may be left to the state – and that can lead to confusion, delays, and disputes among family members and other loved ones, all of which can quickly add financial costs and stress to what already may be a difficult, unfamiliar, and unpleasant process.

2. Planning for Incapacity

Accidents or illnesses can happen without warning.  Powers of attorney and advanced health care directives (commonly referred to as Living Wills) not only allow you to name someone you trust to make decisions on your behalf if you’re unable to do so, they also allow you to outline your wishes for medical treatment when you are unable to speak for yourself.  These documents ensure your wishes are respected and can likely prevent the need for court intervention to have a guardian appointed for you, which results in additional costs.

3.  Protection for Children and Dependents

Estate planning allows you to designate guardians for minor children, provide for individuals with special needs, and structure inheritances in ways that promote long-term stability and support, such as through trusts.

4.  Minimizing Legal and Financial Complexity

A well-prepared estate plan can simplify the probate process – or avoid it altogether – and reduce administrative burdens on your loved ones.  In some cases, thoughtful planning may also reduce tax exposure or preserve eligibility for important benefits.

Effective estate planning can help clients prepare for the high costs of healthcare in retirement by coordinating with Medicare benefits and identifying strategies to preserve assets while maintaining eligibility for government programs. Planning ahead can protect savings from being depleted by long-term care expenses and ensure that healthcare decisions align with personal and financial goals.

5.  Peace of Mind

Perhaps most importantly, accomplishing your estate planning gives you a sense of control, peace, and comfort.  I have had many clients, regardless of age, tell me how relieved they are to have these important documents in place.  You are able to make thoughtful, intentional decisions about your legacy, rather than leaving them to chance.

At YMFZ, we help individuals and families navigate this process with care and clarity.  Whether you are creating a plan for the first time or updating an existing one, our attorneys work with you to design a strategy that reflects your values, protects your interests, and meets your legal needs.

We will assist with preparation of wills, trusts, financial powers of attorney, healthcare powers of attorney and living wills, and other documents related to the estate planning process.

Additionally, if you own a family or other small business, our business attorneys can review the organizational documents to best address succession and inheritance issues.

If you have questions about where to begin or what makes sense for your situation, we are here to help. Visit our firm website at www.ymfzlaw.com.

For over 30 years, YMFZ has been a trusted, closely-held Pittsburgh law firm providing strategic legal counsel, personalized service, and cost-effective solutions for a wide range of business law needs. Our attorneys represent national, multinational, regional, and local businesses in matters including business formation and financing, commercial and technology contracts (with experience in banking, healthcare, employee benefits, financial services, and wealth management), employment law, real estate transactions (including oil and gas), commercial litigation, intellectual property, and estate planning.