The Three Essential Estate Planning Documents Adult in Virginia Must Have

Life does not offer any guarantees. But one certainty is that we can be blindsided by unexpected tragedy, often in a matter of seconds.

Because of this uncertainty, it is prudent to be prepared for the worst, even if we are always hoping for the best.

That said, here is a list of the three essential estate planning documents that every adult in Virginia should have in place. These three documents will protect you and your loved ones from the many uncertainties of the future.

1. A Last Will and Testament (Will)

Simply stated, your Last Will and Testament outlines the distribution of your assets after you die, and names an executor who is responsible for ensuring your wishes are carried out. At the very least, you need a Will to address the following three important estate planning issues:

1. Who will inherit your estate;
2. Who will administer your estate; and
3. Who will care for your children in the event you die before they reach adulthood

Your Will only takes effect after you die. But what about situations when you are alive, but temporarily or permanently physically or mentally incapacitated? Your Last Will and Testament will be useless in these situations, but you would still benefit greatly if you could make some important decisions in advance.

This is where the next two documents, which only take effect after your death, come into play.

2. A Durable Power of Attorney (POA)

This document names an “agent” who is authorized to act on your behalf in legal and financial matters. If you end up in a coma and your bills still need to get paid, having a POA in place ensures that a trusted loved one can gain access to your financial accounts, and carry out transactions as needed while you are incapacitated.

A Durable Power of Attorney can be defined narrowly, for a specific purpose and/or a specified period of time, or it can grant very broad power for someone to manage all of your affairs for an indefinite period of time, or until it is either revoked or otherwise terminated.

A Durable Power of Attorney can be a huge advantage when someone is needed to manage your assets and property on your behalf—for instance, when you want to contract business, but you are away or in the hospital. In these cases, your agent (your spouse, attorney, or someone else you trust) can sign legal documents on your behalf.

3. An Advance Medical Directive (AMD)

An Advance Medical Directive is a document that outlines your preferences for medical treatment if you become incapacitated or need end-of-life care. For example, do you want CPR? To be placed on a feeding tube? What about a ventilator?

An Advance Directive for Healthcare ensures that your preferences are known when you are unable to express them yourself. This document also enables you to designate someone as your “healthcare proxy.” This person will express your healthcare preferences and ensure that your wishes are carried out.

Imagine if you were incapacitated and in need of end-of-life care, and you have not taken the time to express your preferences in advance. This would not only reduce the likelihood that your preferences will be honored, but may also leave many unanswered questions for your loved ones to speculate.

Conclusion

If you want the peace of mind that comes with knowing your affairs and your family will be protected in the event of a tragedy, you must at least have in place a Will, a Durable Power of Attorney, and an Advance Directive for Healthcare. For more information or assistance with executing these essential estate planning documents, call us today at (703) 553-2577 or use the contact form to speak with an experienced Virginia Estate planning attorney.

The information on this site is for general informational purposes only. The information presented in this site is not legal advice or a legal opinion. You should seek the advice of legal counsel of your choice before acting upon any of the information in this site.