Planning for the future is not an easy process, especially for a Virginia couple that just got married. It’s difficult to know what kinds of legal protections are necessary and important for two people who may be young with lower incomes and little savings. Drafting wills, trusts and other estate planning steps can be a smart course of action for a couple of any age and financial status.
One smart step for a couple starting out with the estate planning process is to simply take inventory of their assets and their debts. This can help someone understand where he or she is and what protections can be helpful for their current status. In addition to inventorying property and assets, it is also smart to go ahead and identify beneficiaries. This is prudent even for couples who do not have kids yet.
After taking these two steps, it can then be helpful to draft a will. Having a will is a smart way to ensure that a person has the ability to decide what will happen to his or her assets after his or her death. This allows a person to outline distribution of assets, name beneficiaries and make choices that will benefit loved ones left behind.
Taking the time to draft an estate plan can prove useful down the road. Wills and other estate planning documents can prevent a Virginia family from facing legal complications if a loved one is incapacitated. A simple evaluation of the individual situation can help a couple see what steps they may want to take.