Estate planning in today’s world seems very complicated to most people. Some estate plans include many complex elements, but it is not as difficult as you may believe to get started on setting up your plan. Many Lynchburg residents choose to start small in the beginning and then add any necessary additional elements as they learn more about the process.
Like any important event or item in a person’s life, completing the tasks associated with estate planning may proceed more smoothly by taking a simple approach. Learning which components to start with goes a long way in helping Virginians acquire the estate protections that will best meet their immediate needs.
Below are three of the most critical components that most estate plans need right from the beginning:
A will: When it comes to the distribution of assets according to your wishes, even a simple will can be a powerful tool. Regardless of how large or small your estate is, it is one of the most important components of a sound estate plan.
Powers of attorney: These documents address two critical estate planning issues: health care decisions and financial decisions. Having them in place ensures that your wishes are fulfilled if an illness or other tragedy prevents you from making your own decisions.
A revocable or living trust: Putting a trust in place can reduce estate taxes and protect your family from creditors after your death. Making the trust revocable means that you can modify the legal document as your needs change throughout your life.
Because all people and families are unique, it is wise to discuss your specific needs and concerns with a Virginia lawyer experienced in creating effective estate plans.