Estate planning lets you decide who should receive your property and who may act for you if you cannot speak for yourself. It can also make a hard time easier for the people you love. A Virginia estate planning lawyer can help Ashburn families create a plan that reflects their wishes.
You do not need to be wealthy or retired to begin. Adults of many ages can benefit from putting clear instructions in writing. The first step is learning which documents fit your life.
What should an estate plan include?
Most estate plans include a will and a financial power of attorney. They may also include an advance medical directive. Some people may benefit from a revocable living trust.
Each document serves a different purpose. A will controls property in your probate estate, while a power of attorney applies during your lifetime. An advance medical directive explains your health care wishes and names someone to make medical decisions if needed.
Why is a will important in Virginia?
A will explains who should receive the property in your probate estate. It can name the person you want to handle your estate. Parents can also designate a guardian for a minor child, although the court makes the final appointment.
Without a valid will, Virginia law decides who receives probate property. That result may not match your wishes. A standard written will generally must be signed or acknowledged in the presence of two competent eyewitnesses, who must also sign in the author’s presence.
Who can act for me if I become unable to act?
A financial power of attorney lets you name an agent to handle the authority described in the document. That authority may cover bills or bank transactions. It may also cover property decisions and other financial tasks.
Under Virginia law, a power of attorney is durable unless it says that incapacity will end it. The document normally ends at death, so it does not replace a will. An advance medical directive can state your health care wishes and name a medical decision-maker. In Virginia, a written directive must be signed in the presence of two witnesses.
Can a trust help my family avoid probate?
A revocable living trust can hold property during your life and provide instructions for its management. Property transferred into the trust may pass under its terms without probate. Property left outside the trust may still require probate if it has no other valid transfer method.
Some assets instead pass through beneficiary designations. Life insurance and retirement accounts are common examples. A Virginia estate planning lawyer can help determine whether a trust is useful and make sure these transfers fit the rest of your plan.
How do beneficiary designations affect my plan?
A beneficiary designation usually controls who receives the asset tied to it. Your will generally cannot change the person named on a retirement account or life insurance policy. Payable-on-death accounts may also transfer directly to the named person.
These designations should agree with your larger plan. An old form may still name a former partner or someone who has died. Reviewing each designation can prevent an unintended transfer.
When should I review my estate plan?
Life changes can make an old plan less useful. Marriage or divorce may call for a review. The birth of a child or the death of a chosen agent can also change what you need.
A move from another state is another good reason to review your documents. Buying a home or starting a business may also affect your plan. Regular reviews can reveal outdated names and instructions.
How can I get started with estate planning?
Begin by thinking about the people you trust and the property you own. Consider who should manage your finances if you cannot do so. You should also decide who could speak for you about medical care.
Bring older estate documents and current beneficiary information to your consultation. Brandon Davis, Esq. can help you understand your choices and prepare a plan under Virginia law. To speak with a Virginia estate planning lawyer, call on (540) 425-8278 or reach out online.
