When many West Virginia residents consider creating an estate plan, they may simply think that they should determine how to divide their assets among their loved ones. However, estate planning can offer many benefits for getting a person's affairs in order, and it can go far beyond property distribution. Parties can address medical treatment, funeral arrangements and certain financial aspects as well.
Creating a will, naming power of attorney agents and considering trusts are all important aspects of creating an estate plan. However, West Virginia residents may also want to consider how they are going to pay for the possibility of needing long-term care. Individuals could review their options for addressing this need while they are estate planning.
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.
When individuals start considering planning out their end-of-life wishes, they may not know exactly where to begin. This feeling is understandable as there are many estate planning options available, and knowing which tools could suit specific needs can be difficult. However, gaining information on these options is relatively easy, and professional assistance is available for implementing these tools.
Having an estate plan can help many West Virginia residents safeguard against various issues that could arise. However, though estate planning can be immensely helpful, complications could come about if a plan is not created or updated properly. When individuals make mistakes with their plans, information could become outdated or terms may not be enforceable.
Health care laws are strict and with good reason. They deal with private matters and when it comes to estate planning in West Virginia, the law makes it clear that only those who are authorized will be privy to information regarding a person's health and health care options. Adult children and their aging parents need to establish some framework for making decisions about health care if parents are no longer able to do so. It is something best taken care of when all those involved have a say in planning for the future.
Dying can make things complicated for the living. When West Virginia residents ignore estate planning, they may be leaving their loved ones with much more than heartache. Dying without a last will and testament gives the state a lot of say in what may happen to one's assets.
West Virginia is largely a family-oriented state. It is not unusual for family members to live near each other and to know with some familiarity the general financial affairs of each other. In this close-knit, communicative environment, it can be helpful for adult children to check with their parents on the status of any estate planning that they have accomplished.
The durable power of attorney is a legal instrument that all West Virginia residents should consider as a necessity for an estate plan. The durable power of attorney can be a tremendously useful document in providing for unexpected consequences such as mental incapacity due to an illness late in life. Normally, when a person becomes incompetent to handle his or her own affairs, the family incurs extraordinary additional expenses to have a guardian or conservator appointed by the court. This can be avoided through some simple estate planning.
Unmarried couples in West Virginia may think that they have no need to prepare an estate plan. To the contrary, there are some important reasons why the estate planning process can be useful even to unmarried couples. For one thing, the two partners can appoint each other to make medical decisions on each other's behalf when the other is unable to do so.