Planning for the future is essential, no matter your age. Estate planning helps protect your family, your money, and your wishes. Making an estate plan in West Virginia is easier than you might think. Let’s go over the basic steps.

1. Make a Will

A will is a legal paper that says who gets your things when you pass away. You can name someone to take care of your estate (called an executor) and decide who gets what. To make a will in West Virginia, you must:

• Be at least 18 years old and of sound mind.

• Write down your wishes.

• Sign the will in front of two witnesses.

Without a will, the state decides who gets your things, which may not be what you want.

2. Set Up a Trust (If Needed)

A trust is another way to pass on your belongings and can help avoid court delays (probate). There are two main kinds:

• Revocable Trust: You can change it anytime.

• Irrevocable Trust: This cannot be changed but may help protect assets from taxes or creditors.

Trusts are not needed for everyone, but they can make things easier for your family.

3. Choose a Power of Attorney (POA)

A power of attorney lets someone you trust make decisions for you if you can’t. There are two types:

• Financial POA: Handles your money and property.

• Medical POA: Makes healthcare choices for you.

Choosing the right person is very important because they will have a lot of responsibility.

4. Create a Living Will (Advance Directive)

A living will explains what kind of medical care you want if you become too ill to speak. It helps doctors and your family understand your wishes.

5. Pick Beneficiaries

Some things, like life insurance or retirement accounts, go straight to the people you name as beneficiaries. Be sure to check these names often and update them as needed.

6. Think About Probate and Taxes

West Virginia has no estate or inheritance tax, but large estates may owe federal taxes. Having a plan can help avoid extra costs and delays in court.

7. Keep Your Plan Safe and Updated

Once you have an estate plan, store it in a safe place, like a fireproof box. Review it every few years or when significant life changes happen, like getting married or having kids.

Need Help?

Estate planning can feel overwhelming, but you don’t have to do it alone. The Skeen Firm is here to help you create a plan that protects your family and your future. Contact us today to get started!

*Disclaimer: this article is for informational purposes only. It is not providing legal advice. It does not create an attorney-client relationship.