When Virginia residents begin to tackle the important task of estate planning, they come to it from different perspectives. Many have already completed quite a bit of research into the various options that are available to consider in the estate planning process. Some may even have ideas of where they’d like to begin. Everyone will have different goals for their own unique estate plans. The crucial part for everyone, however, is that their plans are comprehensive.
Estate planning basics
So, what are some of the basic building blocks of a comprehensive estate plan? Well, for starters, most people will have a will drafted. This can be a fairly straightforward document, providing details of who will inherit the estate and in what percentages, as well as including other details such as funeral preferences and who shall be appointed as the executor of the estate.
Next, it is a good idea to have power of attorney documents included in an estate plan. A health care power of attorney can appoint another person to make important medical decisions on your behalf, in the event you become incapacitated and are unable to do so. A durable power of attorney can give someone else – or the same person – the same power over financial decisions.
Lastly, trusts can be an important estate planning tool for many people. Trusts allow Virginia residents to accomplish such important goals as avoiding probate, ensuring a smooth transfer of assets and even avoiding tax implications. An experienced estate planning attorney can explain how estate planning can work for the unique needs of your family.