In Martinsville, 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 normally 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.
A clear estate plan will also contain instructions to your doctors about your preferences for end of life care, in case you become unable to express them. This is recognized as a "living will." It should also include instructions about funeral arrangements and organ donation.
Most especially, an estate plan should give instructions on the care of your minor children. It should lay out who is to take custody of them, and, if possible, leave them a large sum of money to assist with this care. Of course, you should discuss this matter with the people who you want to take custody of your children, to make sure they can really take on such responsibility.
What Type of Estate Plan Do I Need in Martinsville, Virginia?
This normally depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
If you are in good health, young, and not married, planning an estate is likely not a high priority. And at this time in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very hazardous jobs, or who are very wealthy.
There is one group of unmarried people for whom estate planning in Martinsville, Virginia is absolutely essential: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take many steps to secure these rights, such as authorizing power of attorney, and writing them into your will.
There is another massive group of people who would benefit from having a good Martinsville, Virginia estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily contains facing some uncomfortable realities, it is essential and unavoidable.
Do I Need a Martinsville, Virginia Estate Planning Attorney?
Because estate planning can be a difficult process, the expertise of a good lawyer in Martinsville, Virginia who specializes in wills, trusts, and estates can make the process a great deal easier.