Many different myths lead some people to ignore their estate plan. These myths, such as not being worth enough money, or assuming that estate plans only apply much later in life, could make things very difficult for your loved ones if something happens to you.
One of the reasons for putting off estate planning is because you may feel unsure about what you want to happen in your plan and who you want to pass on to what. Don’t get bogged down in trying to create the perfect estate plan. Ideally, you’ll partner with a qualified estate planning attorney who can help you make adjustments to your estate plan as necessary.
You don’t need to start with a comprehensive or fully finished product. You can add things in later, such as revocable or irrevocable trust, and you can update things such as power of attorney documents.
It is far better to have a plan in place now for what you wish to happen rather than to wait to a future point when your loved ones may be unable to spring into action quickly.
Imagine, for example, that you have failed to appoint a financial power of attorney because you feel overwhelmed by the process, are not sure which tasks or responsibilities you should pass to them or feel uncertainty about who to appoint.
If you become unable to make these decisions on your own, you could face financial consequences unnecessarily and put your loved ones in a very stressful position. Thankfully, you can hire a Virginia Beach estate planning lawyer to create your plan now and adapt it over time into the future.