Wanting to have end-of-life affairs in order can hit individuals at different times. Some people may simply want to plan ahead, and others may experience an event that triggers the desire to start planning. Whatever the reason, estate planning can help interested West Virginia residents ensure that various aspects of their lives are in order before their passing.
If parties have not yet created a will, they may want to ask themselves why. Many people think that wills and other estate planning documents are only useful to individuals with substantial wealth, but that is not the case. Wills can help parties get various affairs in order, such as designating guardians for minor children. Most parents do not want to leave the care of their children up in the air, and a will can help ensure that plans are in place.
Even if individuals do not have many major assets, addressing the ones they do have can be important. For instance, leaving instructions on what to do with the house can prevent surviving family from facing complications. If the house is completely paid off, parties may be able to dictate whether they want a specific person to have the home, whether the home should be sold or other steps taken. If the mortgage has not been completely paid, estate funds may be used to cover the remaining balances, or the home must be sold.
Leaving instructions behind can often bring peace of mind to the person planning as well as other loved ones. It can be difficult to know what a deceased person may have wanted in certain situations, and estate planning can help make those wishes known. West Virginia residents who are ready to start their plans may want to find out more information on their options.
Source: wisebread.com, "5 Estate Planning Questions Everyone Should Ask", Dan Rafter, March 5, 2018