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What comprises a thorough estate plan?

On Behalf of | Oct 4, 2021 | Estate Planning & Wills

Estate planning often requires deliberate and careful thought. Otherwise, the estate planner might miss something and create problems for their heirs. Without the necessary legal documents, representatives may have difficulty dealing with probate or other estate matters. The good news is that putting together a complete estate plan with documents adhering to Virginia law may end up being less challenging than someone initially believes.

The main items in an estate plan

The most common item found in an estate plan is a last will and testament. The document allows a testator to direct assets to chosen beneficiaries after his or her passing. A will might address other decisions as well. Without the contract, Virginia intestate laws may guide decisions about the estate.

Creating a trust might be a preferred option for some estate planners. A trust won’t go through probate and allows the estate planner to have more control over their assets.

Other elements of an estate plan

An estate plan could include health care directives, such as a living will. These directives may help relatives make medical decisions on a grantor’s behalf.

Financial power of attorney allows someone to appoint an agent to handle numerous tasks. The agent becomes a personal representative and may take actions based on his or her judgment.

Approaching the estate planning process

Managing estates may require complex planning, including making decisions about a dependent child’s care. Someone might worry about the financial situation of survivors, so purchasing an appropriate insurance policy could be high on the planner’s list of priorities.

Several other steps could round out the estate planning process. Everything from storing digital passwords in a secure location to updating beneficiaries on bank accounts may be required. Revisiting an estate plan regularly is recommended to ensure that all areas end up covered.

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