Key Takeaways
- Most people do not need a trust as part of their estate plan.
- Everyone needs a will as part of their estate plan.
- Virginia allows a separate written list that is an exhibit of the will.
- You can change the separate written list more quickly than the will.
- If you write on a will, it can invalidate it in Virginia.
- In addition to the will and separate written list, two other standard documents in an estate plan include a power of attorney and an Advanced Medical Directive.
Many people wait too long to create an estate plan. Regardless of your age and assets, you should have an estate plan, even if you only own a car and bank account. Estate planning documents can protect you should you become incapacitated or lose your life in an accident or to an unexpected illness.
What Estate Planning Documents Does an Estate Plan Usually Contain?
At Virginia Beach Law Group, our experienced estate planning attorneys tailor each estate plan to fit your unique goals and circumstances. While every plan is customized, most estate plans typically include a core set of essential documents such as:
Will
A will tells your heirs how you want your estate distributed after death. It can also include:
- Instructions for your funeral or cremation.
- Nominations for children, dependents, and pets.
- Your appointed executor.
- A list of property and named beneficiaries can also be on a separate document, the separate written list.
If you die intestate – without a will – the probate court will follow the laws to distribute your estate. Sometimes, your assets may not go to the people you want to have them.
Power of Attorney
Most states, including the Commonwealth of Virginia, have two types of powers of attorney. The first is a durable power of attorney, which gives the named person control over your assets should you become incapacitated. This power of attorney can contain as much or as little control as you wish.
You can even have two if you want one person to handle your bank accounts and another to handle large transactions, such as purchasing and selling real estate or filing for bankruptcy.
The other type is a medical power of attorney, which allows the named person to make healthcare decisions if you cannot. You may need a medical power of attorney should an illness or accident render you incapable of making medical decisions.
Always give a copy of any power of attorney to the person you named, as these documents protect you during your lifetime if you become incapacitated. Every time you go to the hospital for surgery, you should take a copy of your medical power of attorney, even if you asked your doctor to put it in your file. If you do not have a copy, the hospital may ask you to sign one. However, the free documents handed out by doctors are often filled with double negatives, which makes them very difficult to understand. It could cause you to check boxes that go against your wishes.
Advanced Medical Directive
An advanced medical directive is similar to a living will. It tells your loved ones and doctors what to do at the end of your life. For example, they may resuscitate for specific conditions and not for others. They may also withhold life support for particular conditions. It can also contain provisions for those with dementia-related illnesses.
Separate Written List
A separate written list includes individually listed assets and who should receive them. For example, you might want to bequeath your antique china to Child #1 and your antique furniture to Child #2. The separate written list can be handwritten, and you can change it on the fly without invalidating your will.
Role of an Attorney
An estate planning attorney guides you through adding the appropriate documents for your situation to your estate plan. Additionally, an estate planning attorney:
- Explains each document to you, including what each document is used for and the ramifications of each document.
- Explains language that may be confusing.
- Assists with tax implications for your estate plan.
- Keeps the estate clear and concise to prevent fights between family members over the estate after a loved one passes away.
Common Mistakes Clients Make with Estate Planning Documents
Some of the most common mistakes you might make in creating an estate plan or after the estate plan has been completed include:
- Writing on the will: If you change your mind about something in the will and write on it to make the changes, it can invalidate the will. If the will is invalidated, it is the same as if you did not have one.
- Joint owners on bank accounts: Putting one child as a joint owner on a bank account can cause issues with the distribution of the assets upon the parent’s death if your other children contest it.
- Gift tax returns: Failing to file a gift tax return if you give away over $17,000 to an individual in a year.
- Organ donor designations: Assuming the organ donor designation on your driver’s license will override the instructions in your Advanced Medical Directive. For example, you can specify that specific organs or your whole body should be donated.
You can avoid these mistakes by having clear, well-written estate planning documents to help fulfill your wishes.
Why Clients Choose Virginia Beach Law Group
When choosing an estate planning attorney, you not only want someone who has experience creating an estate plan for your situation, but you also want someone with enough experience to know whether you need a trust instead of insisting on one just to pad the estate plan. Virginia Beach Law Group’s experience in probate law can help protect you with the proper estate planning documents, including those needed should you become incapacitated or deceased.
Testimonials
“Dave really cares about his clients, if you need Wills & Estate planning in Virginia, I highly recommend this law firm. They are compassionate, and extremely thorough.” — Sarah K.
Need Help with Your Estate Plan? We Can Help.
Your estate plan may be simpler than you think. Many probate attorneys insist you have a trust, but in most cases, people do not need a trust. Most estate plans only require a will, an Advanced Medical Directive, power of attorney, and a separate written list.
If you do not have an estate plan or need to update your estate plan, contact Virginia Beach Law Group at 757-486-4529 for a consultation. You can also complete our online contact form to schedule a consultation.
