Estate Planning Basics Everyone Needs to Know- Estate planning is the term used for creating documents to clarify and record a person’s legally enforceable wishes in the event of their death or incapacity. Doing so eases the emotional and financial burdens on loved ones, as described in the Reading Eagle article “Estate planning protects an individual’s wishes in case of death, sickness.”
Despite the importance of putting all of the necessary plans and documents in place, which include the basics like wills, powers of attorney, and living wills, many people avoid doing this, often with terrible consequences for their families.
Others may have had a will prepared many years ago but only recently realize how important it is to have a financial power of attorney, a health care power of attorney, and a living will. They need to update their wills and have these other documents prepared, often for the first time.
For many people, the idea of being unable to manage their own finances and health care is uncomfortable—sometimes more so than their death. It’s easy to put off estate planning. After all, you need a driver’s license to operate a motor vehicle, but there’s no law requiring people to have estate planning documents.
There’s also the misconception that estate planning is only for people with high incomes. This is not true. No matter how much or how little a person owns, estate planning ensures that their property-related wishes are followed and that their family can administer the estate with less stress and expense.
Everyone should have at least three documents in place: a will to control the disposition of assets upon death; a financial power of attorney so someone can administer finances if you are unable to; and a healthcare power of attorney to allow another person to make decisions and be involved with your healthcare in case of incapacity.
If there is no will, the state’s laws take over, and property is distributed according to the law. This could result in an estranged family member inheriting all of your wealth or a long-term partner who you never married being disinherited.
When a person becomes incapacitated and doesn’t have appropriate powers of attorney already in place, the family may need to petition the court to have a guardian or other appropriate decision-maker appointed. This can be a long and expensive process, but appropriate estate planning may help avoid the need for court intervention.
If you haven’t done any estate planning, now is the time to consult with an experienced estate planning attorney in your community. You’ll need to provide them with information about your assets and family members. They’ll prepare the documents, and then you’ll review and sign them. People are often surprised at how straightforward the process is and how relieved they are to have it all taken care of.
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Estate Planning Basics Everyone Needs to Know
Reference: Reading Eagle (Aug. 25, 2026) “Estate planning protects an individual’s wishes in case of death, sickness”
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