Many people believe that only wealthy individuals need an estate plan. Others think a simple will template covers all the bases. However, a personalized estate plan is important for most people.
These are the three key reasons to engage in the estate planning process even if you do not own property or have children.
Provide for your medical needs
Two important estate planning documents ensure you get the type of medical care you want even if you cannot express your wishes. With a health care directive or living will, you can dictate whether you should receive life-prolonging treatments such as artificial feeding and mechanical ventilation.
In Virginia, the living will is the first part of the two-part medical power of attorney form. In the second part, you can name a trusted person to make health care decisions for you if you cannot.
Replace lost income
If you earn a significant portion of your household income, an unexpected fatality could result in a change in lifestyle for your spouse. It can also impact young children who still live at home. Protect the livelihood of your loved ones with a will that makes sure your assets go to the desired individuals.
Name legal guardians
If you have minor children, you can name a guardian in your will. This person will care for your children if you cannot do so. During the estate planning process, you can also set up a trust to provide for your children financially to be managed by a trustee until they come of age.
These factors may put estate planning at the top of your to-do list.