Setting up an estate plan can feel like a task for a different version of yourself; one who is older or has a lot more money in the bank. But before you decide to put off making an estate plan because you think you don’t need one, consider some of the invaluable benefits you may be overlooking.
If you think, “I’m too young.”
You may not have real estate or kids to plan for, but once you turn 18 in Virginia, your parents no longer have the automatic legal right to access your medical records or manage your finances. Consider specific documents to protect yourself and direct loved ones in a medical emergency, such as:
- A Virginia advanced directive to name a healthcare agent
- A durable power of attorney for financial management
- A HIPAA authorization to share medical information with loved ones
These tools allow someone you trust to act on your behalf if you become temporarily unable to do so.
If you think, “I don’t have enough assets to address.”
Net worth does not dictate the need for a strategy. Even without significant assets, a plan is helpful. However, estate planning covers personal decisions that money cannot solve:
- Naming legal guardians for minor children
- Specifying care for your pets
- Appointing an executor to handle final bills and taxes
Estates of all sizes can benefit from a plan that provides guidance for loved ones on both financial and non-financial matters.
If you think, “I can just rely on Virginia’s default laws.”
Relying on Virginia’s intestacy laws means the state determines who receives your property. These laws follow a strict hierarchy that might exclude unmarried partners and close friends. Furthermore, state law does not address critical personal choices, including:
- Who will manage your digital assets?
- Can I leave a gift to a charitable organization I believe in?
- Who will make life-sustaining medical choices?
- What will happen to sentimental items with no market value?
A custom plan ensures your specific values guide every decision rather than a rigid legal formula.
Confidence through preparation
Taking control of these decisions provides security for you and your loved ones. You can start by listing your personal priorities and identifying the people you trust to speak for you. Knowing your affairs are in order allows you to focus on the present with a clear mind.