For some single people in Virginia, estate planning may seem like more trouble than it’s worth. After all, these individuals don’t usually have to worry about providing for a loved one, such as a spouse or minor child. However, estate planning is about more than just passing on assets.
For example, every adult should consider making out a power of attorney or health care proxy. These estate documents are used during a person’s lifetime to address key medical and financial questions during cases of incapacitation. Single people may want to pay particular attention as hospitals and others will not be able to turn to a spouse to make these decisions. Therefore, estate owners who want to ensure that their wishes will be respected can benefit from naming a trusted person to handle these issues. One may also want to create a health care advance directive to indicate their wishes.
In addition, even single people and their loved ones can benefit from making a will. Many adults have loved ones in their lives that they would like to provide for after death, even if they do not bear primary responsibility for their well-being. Making a will or creating a trust can allow an estate owner to make key decisions about what will happen to their property in the future.
Estate planning can be a complex process, but professional advice and guidance can create a smoother outcome. An attorney can answer questions about how to plan for the future as well as help create key documents like wills, trusts and powers of attorney.