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Estate planning tips for the young and single

For those Pennsylvania residents who are young and don't have children, the idea of estate planning may seem like a waste of time. However, those who aren't sure who they may want to give their wealth to when they pass on have several options available to them. One such option is a donor-advised investment fund that enables those with any level of assets to give to charities or other causes that they care about without doing as much paperwork or paying as much in fees.

Who should consider estate planning? Experts advise that anyone with more than $100,000 should consider what they will do with their money when they pass on. Having a will or trust increases the odds that an individual's money and assets go where that individual wants them to go. Otherwise, it may be decided by a court.

Planning for death may not be the most comfortable thing for a person to do. However, those familiar with the estate planning process say that it is important to start planning as soon as possible. This gives an individual the flexibility to leave the type of legacy behind that he or she wants to leave. Putting money in a fund now that can grow over time may make it easier to give out larger grants to preferred charities in the future.

Those who have any assets or cash that they want to distribute either during their lifetime or after they pass on may wish to talk to an attorney who has estate planning experience. The attorney can advise clients about the types of strategies that may be most suitable to their needs and goals.

Source: Forbes, "Estate planning for the young, rich and childless", Beth Pinsker, June 02, 2014

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