Considering estate planning can seem overwhelming. What exactly does a Virginia estate plan involve, and how can individuals go about setting up trusts and creating other pertinent documents? Here is a rundown of the most critical components of any comprehensive plan.
Trusts, wills, other documents essential parts of estate plans
DIY wills, trusts may spell trouble
The goal of an estate plan is to ensure that an individual's assets pass to his or her loved ones in the most seamless way possible. One of the worst things that can happen is to have an estate tied up in a costly and lengthy probate proceeding. Unfortunately, this can happen if asset owners in Virginia fail to create wills or set up trusts, or if they do these tasks incorrectly on their own.
Trusts often aren't fully taken advantage of
Those who have estate plans in place in Virginia are already ahead of the many other individuals who have not created such plans. Although some individuals create wills only, others have taken steps to establish trusts. The problem with those with trusts, though, is that many of them are not reaping their unique advantages.
Consider digital assets when putting together wills, trusts
Estate planning can understandably be confusing and overwhelming in Virginia. This is especially true for those with large numbers of assets or high-value assets they would like to protect using trusts and wills. A particular category of assets that is often forgotten during the estate planning process, however, is digital assets.
Cryptocurrencies can be addressed in wills, trusts
Investors in cryptocurrency are understandably preoccupied with their digital fortunes' constantly changing value. However, they might be neglecting to make sure that their cryptocurrencies will end up in the hands of their children when they pass away. Trusts and wills are invaluable estate planning tools for protecting their virtual fortunes along with their traditional wealth in Virginia.
Trusts can be created for horses, too
For some individuals in Virginia, classic automobiles and jewelry are not their most valuable possessions. Instead, they highly value their horses. Thus, it makes sense to create trusts to provide for these prized pets, riding partners and companions after one passes away.
Special needs trusts offer several benefits
Those who have family members with special needs in Virginia naturally put a lot of care into creating their life care plans. Creating trusts is part of this. Trusts are estate planning tools that essentially allow people to manage property -- such as real estate or money -- for other individuals.
Do I need a trust in Virginia?
Many people understand the importance of having a comprehensive estate plan. Taking the time to implement proper legal documents can help protect your loved ones and help ensure your wishes are fulfilled after you pass on.
