Many people assume estate planning is something to handle later in life. In reality, creating an estate plan often makes sense much earlier than most expect.
Estate planning can start when you become a legal adult
In Virginia, you can create a valid will once you reach age 18 and are of sound mind. These basic requirements appear in the state’s Virginia will formalities statute.
This means estate planning can begin as soon as you become a legal adult. At this stage, the focus is usually on basic documents that allow someone to manage financial or medical decisions if you cannot act for yourself.
Without these documents, family members may have limited authority during emergencies. They may need to request court involvement to manage financial accounts or medical decisions.
Major life events often require an estate plan
Certain milestones tend to make estate planning more important. These events usually involve new responsibilities, relationships or assets. Common examples include:
- Turning 18: You become responsible for your own financial and medical decisions.
- Marriage: You may want your spouse included in your estate plan.
- Divorce or remarriage: You may need to update who receives your assets.
- Having children: You can choose a guardian and plan how money will be managed for them.
- Owning property or savings: Even small assets should have clear instructions for who receives them.
Each event can affect who inherits property or who has authority to act on your behalf. Updating your plan during these moments helps prevent confusion later.
Working with an estate planning attorney
Estate planning often involves several documents that address different parts of your life. A plan may include a will, financial power of attorney, medical directive or trust depending on your needs.
An attorney familiar with Virginia law can help ensure these documents meet legal requirements and work together effectively.