When it comes to estate planning, you may think the process is time-consuming and expensive. While it can be, it’s up to you how extensive you want your estate plan to be.
It’s possible to put your wishes and other factors into play without spending too much time or money on it. One way you can keep estate planning simple is to know what you want and utilize the proper forms and documents.
The most important elements of an estate plan can be found here. While you can expand on these if desired, there’s no need to if you establish these.
The will
If you don’t have a will, the state of Virginia will decide how your assets and money are distributed. If you want to ensure that you have a say in this, create a will. Also, with a will, you can include other information, including naming a guardian for your children or other dependents.
Power of attorney
There are a few different types of powers of attorney. You can have a financial power of attorney. With this document, you choose someone to handle your financial affairs if you become incapacitated. You can also create a medical or healthcare power of attorney, which allows you to choose someone to make medical decisions for you if you become incapacitated. If you decide to add these documents to your estate plan, be sure to discuss your decision with those you name beforehand.
Estate planning can be relatively straightforward
As you can see, there’s no need to be “over the top” when it comes to estate planning. Having even the basic documents in place will help ensure that your wishes are known and will help to save your family some stress after you pass away. Seeking legal guidance will help you to put your estate plan in motion.
