Reasons Why You Should have an Estate Plan in 2021

Although it has been a year since the outbreak of the COVID-19 pandemic, the fear of catching the deadly infection still looms over us. Besides this, many families and individuals are still trying to recover from the financial damages caused by the pandemic. It won’t be an exaggeration to say that it’s the best time to consult an estate attorney Virginia. If you don’t have a proper estate plan, chances are, your surviving members will have a hard time managing and administrating your assets once you are gone. With a legally drafted estate plan, you can ensure your estate and assets pass on to your loved ones with ease. Estate planning also helps in managing and administrating the estate if you become incapacitated due to mental issues.

It’s a common misconception that estate planning and will drafting is for wealthy and affluent people. However, even if you have accumulated a small sum of wealth or assets, you should consider creating an estate plan. The coronavirus has made many of us concerned about mortality and sudden deaths. Thus, it’s best to prepare your loved ones for any unforeseen event in advance. If you don’t have a legal will or estate planning, the court will initiate the probate process. The probate is a time-consuming and tedious process wherein the state court assigns individuals to look after the financial affairs, healthcare decisions, and distribution of the assets. According to estate litigation lawyer, estate planning is the best way to avoid probate and ensure your assets gets managed as per your will.

A plan for you

Estate planning doesn’t just work when a person dies. Instead, it can come into effect if a person becomes incapacitated due to illness or injuries. Estate planning allows a person to control their assets and estate even if they are unable to make decisions. Designating a healthcare agent is one of the best ways to make sure your choices are followed, and your needs are well taken care of if you cannot do so yourself.

A plan for your children

The pandemic has given rise to uncertainty and insecurity. Anyone can become a threat to health, even our family members. Children are not only susceptible to contracting coronavirus; they are vulnerable to the disease’s financial consequences. If you are a parent of young children, you should be prepared for the unthinkable. Through an estate plan, you can assign a trustworthy guardian for your children and ensure they are well-taken care of if you become incapacitated or die. In the absence of a proper estate plan, the children’s guardianship passes on to the state-appointed guardian.

A plan for your assets

Probate is a mandatory process in every state. When a person dies, their estate and assets go through the probate process to ensure it is managed and distrusted to the beneficiaries. How the assets will be distributed depends upon the estate plan and will. In case a person dies without a legal will, the state decides how the assets and estate will be distributed. This process can be time-consuming and frustrating for families.

The coronavirus has taught us to be prepared for unexpected turn of events. Although preparing an estate plan can be an emotional process, it can save families from financial uncertainties.…