“I like the dreams of the future better than the history of the past.” —Thomas Jefferson
The start of a new year is a great time to reassess your priorities and make positive changes in your life. One important step you can take to protect yourself and your loved ones is to create an estate plan. An estate plan is more than just creating a will. Estate planning involves creating a comprehensive plan for your own disability and death.
Estate planning is incredibly important! Here are a few reasons why you should consider creating an estate plan in the new year:
- To ensure that your assets are distributed according to your wishes: Without an estate plan, Virginia law will dictate how your assets are distributed upon your death. By creating a will or trust, you can specify exactly who you want to receive your assets and in what proportions.
- To appoint a guardian for your minor children: If you have minor children, it’s important to appoint a guardian to take care of them in the event that you are no longer able to do so. Without an estate plan, the court will decide who will become the guardian of your children.
- To plan for long-term care: If you become incapacitated due to illness or injury, it’s important to have a plan in place for managing your assets and healthcare decisions. By setting up a durable power of attorney and a healthcare proxy, you can appoint trusted individuals to make decisions on your behalf.
- To minimize probate: Probate is the legal process of distributing a person’s assets after their death. It can be a lengthy and costly process, especially if there is a dispute over the distribution of assets. By creating an estate plan, you can minimize the need for probate and ensure that your assets are distributed smoothly and efficiently.
- To reduce stress for your loved ones: Dealing with the loss of a loved one is difficult enough without having to worry about managing their assets and making important decisions. An estate plan can help reduce stress for your loved ones by providing clear instructions and guidance on how to handle your affairs after your death.
By creating an estate plan, you can protect your assets and ensure that they are preserved for your loved ones. Don’t put off this important task – start the new year off right by getting your estate plan in place. If you have any questions or need assistance with your estate plan, please set up a consultation with Mathews Law here.