Most people in Virginia don't anticipate dying young. Unfortunately, it can happen. People develop fatal illnesses; are involved in deadly car crashes; or have their lives cut short in other ways. When the unthinkable happens, what will happen to your loved ones who must move on from their loss?
This is why estate planning is so important, even for young people. Of course, when people think of an estate plan, they may initially think of a Will or Trust, which spell out who is to receive assets when someone passes away. However, there are many other estate planning documents that may prove useful to young people in Virginia.
First of all, sometimes a person doesn't die, but becomes incapacitated due to an injury or illness. In this situation, it is good to have a Durable Power of Attorney - this is who spends your money, if you become incapacitated. This keeps your bills paid & the household running. In addition, it is good to have a Medical Power of Attorney - who can state what medical treatments a person wants if the person is unable to make his or her preferences known. A person might also want to draft an Advanced Medical Directive, which will state whether he or she wants to be put on life support if he or she is in a vegetative state.
Estate Planning goes beyond a Will or more complicated Trust. It includes a variety of documents that specify a person's end-of-life wishes. At our firm, we understand that creating a comprehensive Estate Plan can be complicated. We assist our clients in creating custom Estate Plans that meet each client's individual needs. Just as no two people are alike, neither are any two Estate Plans. Our Estate Planning overview may be a good starting point for those in Virginia who want to create an Estate Plan.
It may be something to consider coming in to revise, if it's been awhile. Your thoughts change. Your assets change. Your family changes. So, should your Estate Plan.