When working on any type of plan, there are different elements that may need to be included. In order to determine which elements may best suit the needs of the situation, West Virginia residents could find themselves needing information on a variety of planning tools. This type of scenario is especially true when it comes to estate planning.
There are many documents that could go into an estate plan. A standard will may be the first tool that comes to mind, but other options such as trusts and health care directives could also prove useful. Depending on the specific desires and needs of the individual, only some options may prove useful, which is why it is important to understand what each tool could do.
If individuals want to help their families avoid probate, they may wish to consider using trusts to remove assets from the estates. If parties want to ensure that their wishes are known when it comes to care needs, appointing health care proxies and making advanced directives may be wise. Some parties may even want to include their funeral arrangements in their plans so their loved ones do not have to make such decisions during a time of grief.
Each person's estate planning needs are different, which is why so many options for planning exist. In order to find the best tools for their plans, West Virginia residents may wish to review several documents and their benefits. If they feel uncertain about what could work best for their circumstances, individuals may also want to consider consulting with knowledgeable attorneys.
Source: recordonline.com, "Bonnie Kraham: Components of an elder law estate plan", Bonnie Kraham, Dec. 21, 2017