Estate planning is vital for all families, but non-traditional families face special hurdles. Understanding the key legal factors in Virginia can help you build a clear plan that protects your loved ones and honors your wishes.
Blended families
Blended families with kids from past marriages need thoughtful planning. Virginia law leans toward surviving spouses, but you can make sure your biological children get a share of your estate with a will or trust. Stepchildren don’t inherit unless adopted, so add them to your will.
Unmarried Partners
Unmarried partners deal with added legal issues. Name them in your will to protect your partner’s rights and list them as beneficiaries on retirement accounts and life insurance policies. Think about setting up a living trust to skip probate and secure your partner’s financial well-being. Additionally, think about naming them on Advance Medical Directives and Powers of Attorney, so that your partner can make decisions for you if you become incapacitated.
Single-parent families
Single parents must protect their children’s guardianship and financial future. Pick a guardian in your will and consider creating a trust to handle your children’s inheritance until they grow up. This approach will give you peace of mind and ensure your children get your desired care.
Non-traditional living arrangements
Families with unique living setups, such as live-in partners or multi-generational homes, should tackle their special needs in their estate plan. Write your wishes in a will and consider making a cohabitation agreement to shield your partner’s rights. Regularly check and update beneficiary designations to match your current life.
Key considerations
When shaping your estate plan, focus on these main ideas:
- Intestacy laws: Without a will, Virginia’s intestacy laws control asset distribution, which might not align with your wishes.
- Trusts: Trusts can offer more say over asset distribution and protect your family’s financial future
- Beneficiary designations: Routinely refresh beneficiary designations on financial accounts to match your current wishes.
- Open communication: Discuss your estate plan with your family to prevent mix-ups and ensure everyone understands your goals.
Handling these special needs and setups can help you craft an estate plan that brings safety and clarity to your non-traditional family. A skilled estate planning attorney in Virginia can guide you through these tricky parts and ensure your estate plan follows state laws.
