In Richmond, Virginia, estate planning is the process of deciding what you want done with your property after your death (which is, of course, a very personal decision), and then setting up the legal and financial arrangements to guarantee that your wishes are carried out.

While the drafting of a will (the document that dictates what is to be done with the decedent's property after death) is usually the central component of any estate plan, there are various other elements which you may want to include, depending on your goals, and your financial situation.

Besides a will, a quality estate plan will contain a living will, which gives your doctors and relatives directions regarding your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.

If you have young children, it is absolutely crucial that you make arrangements for their care, as well as their custody. Obviously, if you want someone specific to take custody of them in the event something happens, you need to discuss the matter with them, to ensure that they are actually able and willing to care for them.

What Type of Estate Plan Do I Need in Richmond, Virginia?

Obviously, the answer to this depends on many factors, as well as your goals and preferences. But, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.

For instance, if you are in your 20's and unmarried, an estate plan likely does not need to be on your priorities, unless you are very ill, or independently wealthy.

If you have a life partner in Richmond, Virginia, but aren't married to him or her, estate planning is crucial. If you want your partner to have most of the same rights and responsibilities as a spouse, it's usually possible with good estate planning. You should grant your partner power of attorney, so they can make decisions for you in case you become incapacitated. Furthermore, you should name your partner as a beneficiary in your will, because, unlike a spouse, a life partner will not automatically inherit your property if you die without a will.

Individuals who are elderly and/or have a large amount of money in Richmond, Virginia are probably more in need of an estate plan than almost anyone else. Most people place a lot of value in the peace of mind that comes when they know that the people they love, or the causes they care about, will be taken care of after their death. Of course, nobody likes to confront the facts that this process always involves, but it's imperative.

Do I Need a Richmond, Virginia Estate Planning Attorney?

Because estate planning in Richmond, Virginia can involve some confusing legal and financial issues, it is crucial to undertake this task with the guidance of an experienced attorney who specializes in estate planning.