Seeing as the new year has begun, most people living in Virginia have started to carry out their New Year's resolutions and take more responsibility for their lives. One of the best ways to step up and be more responsible is to plan for the inevitable and prepare one's estate before it's too late.
There are a few common errors people make with their estate planning. One is leaving certain critical documents, such as a will, out of the plan. Others have to do with failing to update the plan. People in Virginia should review their estate plan roughly every three years, but there are also certain events or situations that should trigger a review.
Your disability does not keep you from many important day-to-day tasks. However, it does make life expensive and difficult when it comes to your medical needs. A family member wants to leave an inheritance to you, but your medical needs will drain those assets. Meanwhile, the income will cause you to become ineligible for the government benefits you count on.
Fans of Spider-Man in Virginia are among the many superhero enthusiasts around the world who have been mourning the recent death of Stan Lee. Unfortunately, the last few years of the life of the former head of Marvel Comics were a tangled web of accusations coupled with numerous changes involving relationships with attorneys and business managers. During this time, Lee also lost his wife, was accused of sexually harassing home aides and nurses, and made accusations about thousands of dollars being stolen from his condo.
Some people in Virginia may put off creating an estate plan. It can be difficult to confront issues such as illness and death. However, all adults need an estate plan, and an important element of an effective estate plan is choosing the right executor.
Young people in Virginia may not dedicate a lot of time or mental energy to thinking about estate planning. For many millennials, especially those who are single and do not have children, making out a will seems unimportant or a matter to be considered for the future. According to one survey, 78 percent of younger adults do not have a will or other estate documents in place. While many note that death is an unpleasant topic, for many people, the issue is simply off their radar.
Becoming a parent can change virtually every element of your life, from how you spend your money and time to how you make plans for the future. If you already have an estate plan in place, you may need to make some fundamental changes to it once you have a son or daughter of your own. Conversely, if you do not yet have an estate plan in place when you become a parent, it is a good time to get down to business creating one.
Developing a viable estate plan involves more than just making a will for distributing assets. Virginia residents may be interested to know that the people they pick to carry out their plans can be just as important as the documents themselves. Picking the wrong representatives for estate planning tasks can have devastating effects.
A complete estate plan may require more than just a will, a trust and powers of attorney. When a person with substantial assets dies, family members sometimes dispute the wording in the will and precipitate lengthy legal battles. Financing such disputes in Virginia could deplete the funds in the estate. There are some things a person could do to reduce the likelihood of family strife following their passing.
Estate planning tools can help minimize a family's tax obligation in the future. However, Virginia residents and others may also want to consider how family dynamics could influence the effectiveness of an estate plan. For instance, siblings who don't like each other may not make their feelings known until their parents pass away. In one case, a $1 million inheritance became a $400,000 inheritance because of family infighting.