Virginia readers know that drafting a will is an integral part of the estate planning process. This is the document by which a person outlines what he or she wants to happen to personal property and other matters after he or she passes away. However, there are significant limitations to what wills can accomplish, and each person would be wise to determine what other documents and protections they may need.
When thinking about estate planning, most people think about a will. This document can provide many protections, but there are certain things it cannot do. For example, a person cannot include any provisions of disability planning in his or her will. Wills only take affect when a person dies, but there are tools that allow him or her to make plans in case of an incapacitating illness or injury in the future.
Additionally, a will cannot provide protection in the event a person goes to a nursing home, nor can a will ensure that specific assets remain in the family for generations. There are specific types of trusts and other estate planning steps a person can take to accomplish these things. Having a will is smart, but it may not be all a person needs.
One of the most significant mistakes Virginia readers may make with their estate plans is to underestimate what they need for full protection. In addition to wills, certain types of trusts and other documents can help a person have security for the future. A person may want to seek an assessment of his or her case to fully understand what is necessary for the individual situation.