According to a 2022 survey, 67% of Americans don’t have an estate plan in place. If you’ve taken the important step of creating one, congratulations! You’ve already done more than most to secure your legacy and protect your loved ones. But estate planning isn’t a “set it and forget it” process.
To make sure your wishes are honored and your family is protected, there are a few more steps to consider.
By taking a little time now, you can avoid confusion later and give your loved ones peace of mind when they need it most. Read on to learn about seven essential items to review or include in your Virginia estate plan.
At ShounBach, our experienced estate planning attorneys in Virginia are here to guide you if you have questions or need help tailoring your estate plan.
Key Estate Planning Documents You Should Already Have
Before diving into the list, make sure your estate plan includes these four foundational documents:
- A Will to direct how your assets are distributed
- A Trust to manage and protect your estate
- A Power of Attorney for financial decisions
- A Health Care Power of Attorney and Living Will for healthcare choices
If you’re missing any of these, or aren’t sure how current they are, our team can help you update them and explore additional tools like transfer-on-death deeds or estate plan maintenance.
1. Collect and Safely Store Important Documents
Keep all of your essential legal and personal documents in a secure, accessible location—and consider creating digital copies as backups. These documents may include:
- Your Will, trust, and other estate planning papers
- Birth and marriage certificates
- Service records if you or a loved one served in the armed forces
- Recent tax returns
- Property deeds and vehicle titles
- Contact details for your attorney, accountant, or financial advisor
- A list of people to notify upon your passing
- Device and online account passwords
- A list of your financial assets and accounts
Be sure to share the location of these files with your executor or a trusted family member so they can be accessed when needed.
2. Review and Update Beneficiary Designations
Beneficiary designations on accounts like life insurance, retirement plans, and investment portfolios often override what’s written in your Will or Trust. Make sure your current wishes are reflected in those designations to ensure your assets are passed on as intended.
3. Create a Personal Property Inventory
Take stock of everything you own—both inside and outside your home. This list should include sentimental and valuable items, such as:
- Jewelry, heirlooms, and collectibles
- Furniture and electronics
- Vehicles, tools, and lawn equipment
- Items in storage or safe deposit boxes
Having this inventory not only helps with asset distribution but also assists in determining the total value of your estate. Include photos and store them digitally for added security.
4. Make a List of Outstanding Debts
To make things easier on your loved ones, list all outstanding debts. Include:
- Account numbers
- Balances
- Payment due dates
- Contact information for creditors
Providing this information helps prevent surprises and ensures that debts are settled efficiently after your passing.
5. Make a Plan for Your Pets
Your pets are family, too. Be sure to name trusted individuals who can care for them if something happens to you. Consider appointing both a primary and backup caregiver.
Also, allocate funds for their care, covering expenses like food, grooming, medical needs, and everyday items. Including this in your estate plan gives you peace of mind knowing your pet will continue to be well-loved.
6. Organize Your Digital Assets
Your digital life matters. From email accounts to online banking, make sure your estate plan addresses how to access and manage your digital assets.
Create a list of:
- Online accounts and logins
- Cloud-stored photos and videos
- Cryptocurrency wallets
- Social media profiles
You can include instructions for who has permission to access these accounts and how they should be handled.
7. Pre-Plan Your Funeral or Memorial
Planning your funeral in advance can be a thoughtful gift to your loved ones. To help ease the burden during a difficult time, you can:
- Write out your preferences for your service or memorial
- Include information about burial or cremation, songs, readings, and other meaningful details
- Share the name of the funeral home or provider, if you’ve made arrangements
- Consider pre-paying to lock in prices and avoid placing financial strain on your family
Estate Planning Attorneys in Virginia
If you have questions about estate planning in Virginia, the attorneys at ShounBach are here to help. We can assist people throughout Northern Virginia from our office in Fairfax. Contact us today at 703-222-3333 or through our online contact form to find out what we can do for you.
