Every Virginia resident needs an estate plan, regardless of age and income level. Discussing death can be difficult, but death is something that will happen to every person, so why not have a plan in place? Wills and trusts are estate planning tools that many families are familiar with. However, it can be confusing to find the plan that best fits the specific needs of an individual or family. Here are a few reasons why a revocable trust could be beneficial.
Everyone knows that planning for the future is smart. Yet, many Virginia families often procrastinate when it comes to planning for the inevitable event of death. This is especially true for couples who have no children. However, even child-free families need to think about estate planning. Here's why child-free spouses should strongly consider creating wills and trusts.
Without question, it is helpful to have lawful protection of assets in writing when planning for the inevitable event of death. A way to do this is with wills and trusts. Wills are fairly basic and detail who will receive assets upon death. However, several different types of trusts exist so a trust can be more confusing for Virginia families.
Planning for the inevitable event of death can protect loved ones and save them from facing difficult situations. It goes without saying that planning for death is one of the most important things a person can do, yet so many families in Virginia put it off until it's too late. Procrastination is common in estate planning but, contrary to popular belief, the process does not have to be complex or confusing. Wills and trusts can easily be created to ensure that assets are protected and remain in the family. Here are a few tips to help families secure their futures.
Death is one of the few guarantees in life. Although death is inevitable, its a subject that is never easy to talk about. However, in the event of death, having a plan will ensure that assets and families are protected. Unfortunately, it's not uncommon for families in Virginia to put off planning for death until it's too late. Wills and trusts are often thought of as things that only rich families use, but these plans can be used by all families.
Estate planning is often a hot-button issue for many in Warrenton. Perhaps it is the reality of dealing with one's own mortality that prompts many to put off the process. There also may be more practical concerns as to why so many have yet to draft a will (indeed, information shared by the American Association of Retired Persons shows that only four in 10 American adults have a will). No one wants to cause contention amongst those they leave behind. Instead, many may think that by not having a will, their heirs will be able to decide how to divide up their assets.
It is all too easy for someone who is still in their twenties or even in their thirties to put off creating a will, a trust or outlining other important matters. Generally speaking, estate planning has been thought of as something only needed by someone much older. However, the reality is that estate planning is very important for people of all generations.
A health care agent in Virginia can go by many different names: proxy, surrogate or attorney-in-fact. Whatever the appellation, however, the purpose of a health care agent is to uphold your wishes for the medical treatment you want to receive in the event of your incapacitation, as well as to make decisions for you should circumstances arise for which your living will does not provide specific instructions. According to FindLaw, you should consider certain factors carefully when selecting your health care agent.
Creating your will is an important step to ensure things go smoothly in the event of your death. Creating a plan ahead of time can help Virginia courts as well because if you do not have a will, everything is left up to the court. It can create a lot of issues for those you leave behind. When creating your will, there are some things you want to think about before you begin.