If you are single and living in Northern Virginia, creating an estate plan or a Last Will and Testament may not be a priority on your “To Do” list. However, being without a partner or children does not mean you should not plan for the future. In fact, having this plan in place can not only help ensure financial stability, but it can also give you the peace of mind that you and your loved ones will be taken care of in the future. That is why, if you have not started the estate planning process yet, here are some helpful tips to consider.
Learn About the Basics of Estate Planning
You need to realize that if you do not leave clear instructions regarding what will happen to your property, assets, and other belongings, the state will make these decisions on your behalf after you have passed away. As a result, if certain loved ones do not come forward to claim your property, the state will be able to take possession of all the things you own.
Consider What You Want From Your Estate Plan
When creating an estate plan, you want to make sure the plan is not only thorough but meets all of your needs. For these reasons, it is essential to consider all of the options you have when it comes to this planning, including the following:
- A Will: A Will is a document that indicates a person’s last wishes regarding their property and assets after they pass away. This document can also make allowances for pets, include instructions for a funeral and burial, and name guardians for children.
- A Living Trust: This legal document is an estate planning option that allows a person to place their assets in a trust while still being able to use them when they are alive. Only after the person passes away will the assets in the trust pass to the named beneficiaries.
- A Power of Attorney: A Power of Attorney (POA) is a document that provides a person or an organization the authority to manage certain decisions, such as financial, on your behalf.
- A Medical Power of Attorney: This document allows you to choose someone who will be responsible for critical healthcare decisions if you become incapacitated. However, the individual will only be able to start making these decisions if you can no longer communicate your wishes.
When you work with an experienced Northern Virginia estate planning lawyer, these legal professionals can help you better understand each of these options, determine which estate planning tools are a good choice for you and your loved ones, and ensure that everything is prepared accurately.
Speak To a Northern Virginia Legal Professional Today
If you are single and want further information about estate planning or are about to embark on a significant life change, start planning for the future today with a skilled and dedicated Northern Virginia estate planning lawyer. Contact Ardent Guardian and let our team help make sure your wishes are carried out.