When individuals want to get their end-of-life affairs in order, it is a big step. People may need to confront ideas and potential scenarios that they would rather not think about, and it can take a great deal of fortitude to move forward with estate planning. Because it is such an important step, West Virginia residents will certainly want to ensure that they plan correctly.
When getting started, many people may think that they will use their will as the cornerstone of their estate plan. While it is true that a will is a useful and often essential document to such a plan, it does not need to be the only document. A will can hold a variety of information, but there is also information that is not appropriate to include in a will.
For individuals who want their plans to be more comprehensive, considering other planning tools can be useful. Estate plans can address health care and financial needs for a person if he or she becomes incapacitated, and creating power of attorney documents to appoint individuals as agents can be helpful. Additionally, parties can use living wills or advanced medical directives to indicate their wishes for dealing with certain health care-related scenarios.
While not having a plan at all may be the biggest estate planning mistake, not having the right documents could also have downfalls. West Virginia residents interested in starting the planning process may want to explore the various tools and options available and determine which ones may best suit their needs. Because there can be a lot of information to cover, individuals interested in gaining assistance may wish to speak with knowledgeable attorneys.
Source: Forbes, "7 Big Estate Planning Mistakes", Bob Carlson, Feb. 21, 2018