Estate planning will give you control over your assets while providing you and your loved ones with security and privacy. No matter your age or level of wealth, a developed plan for how your assets will be handled can give you peace of mind. When your affairs are in order, your loved ones will know how to handle your property once you pass away. If you’re a Virginia resident, here are some factors to consider for your estate.
The importance of planning for incapacitation
Estate planning is crucial when it comes to using your assets to provide for your relatives if you become incapacitated or pass away. Without an estate plan, decisions about your medical care and finances may be left up to people you don’t want in charge of your affairs. Your friends and family will also be left with the burden of sorting through your assets, which can cause significant stress for your loved ones.
Planning for what will happen after death
You likely don’t want to think about your own demise, but it’s best to start creating an estate plan as soon as possible. One of the ways to organize your estate is to write up a will. A will is a practical tool that is used to dictate where your asset will go when you die. If you don’t have a will, the laws in your state will determine what happens to your wealth and valuable items. State officials might not make decisions that are in keeping with your final wishes.
If you have specific details that you want your loved ones to adhere to, such as giving wealth to people who are not blood relatives or designating specific family members to care for your children, this information should be made clear in your will. You can also use other estate planning tools like trust to pass on assets.