#Estate planning documents checklist pdf how to

The agent’s authority may be effective immediately following the signing of the document or when the principal is incapacitated (loss of decisional capacity, or outside the United States and unable to return).

Ī financial agent is an individual who is granted the authority to act on behalf of a principal through the execution of a power of attorney document.

Signing Requirements – Must be signed by the declarant in the presence of two (2) subscribing witnesses.

The power of attorney portion enables them to elect their health care agent. The portion of the document which would be considered the advance directive will enable the principal to deny or accept medical treatments in advance. When the principal becomes fully incapacitated, as declared by the attending physician, the healthcare agent will be responsible for carrying out the principal’s wishes as directed in an Advance Directive (see below).Īdvance Medical Directive (Medical POA) – This is a two (2) part document that is created to ensure that the principal’s wishes are carried out with regard to their healthcare following the loss of decisional capacity. This trusted individual is selected while the principal (individual the agent represents) is of sound mind in anticipation of the eventual loss of decisional capacity. The information should not be misinterpreted as legal advice before completing any one of the documents below, it is recommended that an attorney who specializes in estate planning be contacted.Ī representative designated for the management of an individual’s healthcare is referred to as a healthcare agent, proxy, or attorney-in-fact. The step-by-step guide below is an overview of the estate planning process, complete with templates and the appropriate statutes.

#Estate planning documents checklist pdf how to

How to Create an Estate Plan in Virginia (6 steps) The checklist also covers the process of completing an Advance Medical Directive (Medical POA) and a Durable (Financial) Power of Attorney, two documents with a similar purpose which enable an individual to select representatives to oversee their healthcare treatment and financial affairs should they lose decisional capacity. To relay one’s wishes and designate beneficiaries, a Revocable Living Trust or a Last Will and Testament can be executed. A Virginia estate planning checklist is a step-by-step list of estate planning that can be used by residents to effectively prepare for the transfer of their estate to their loved ones when the time comes.