Why You Shouldn’t Delay Estate Planning in West Virginia – Start Now
Why You Shouldn’t Delay Estate Planning (Plan Now, Not Later)
“I’ll get around to it someday.” That phrase often applies to estate planning—and it’s one of the costliest mistakes you can make. Many people believe estate planning is only for seniors or the ultra‑wealthy. But accidents, illness, and unexpected tragedies don’t discriminate by age or income. Here’s why you shouldn’t delay.
Estate Planning Isn’t Just for Older Adults
The idea that you can wait until retirement to plan your estate is a myth. Millman Law Group notes that accidents or illnesses can occur at any age, and estate planning isn’t only for the elderly. Young adults can benefit from documents like powers of attorney and advance directives: if you are in a serious car accident and can’t make decisions, who will access your bank account to pay bills? Who will talk to your doctors? Without these documents, your family may need a court order, wasting time and money.
Consequences of Procrastination
Failing to plan means the court decides. Without a will, West Virginia’s intestate succession laws determine who inherits. If you have minor children, the court appoints a guardian—who may not be your preferred choice. Without powers of attorney, a judge must appoint a conservator to manage your finances and a guardian to make medical decisions. Millman Law Group underscores that delaying estate planning can force courts to determine asset distribution and medical treatment.
If your will exists but isn’t filed within 30 days of death, it’s a misdemeanor. This not only delays probate; it could lead to penalties. Failing to update beneficiaries or documents can also cause unintended consequences, such as ex‑spouses inheriting life insurance.
Financial Benefits of Early Planning
Planning early allows you to take advantage of tax strategies. You can make annual exclusion gifts, set up trusts to reduce estate taxes, and transfer assets to future generations. It also costs less to draft documents when your circumstances are straightforward. Waiting until a crisis, such as a terminal diagnosis, may require expedited services and increase legal costs.
Additionally, early planning can protect assets if you need long‑term care. Strategies like irrevocable trusts need to be established at least five years before applying for Medicaid to avoid penalties.
West‑Virginia‑Specific Reasons to Plan Now
Intestate succession rules. West Virginia law outlines who inherits if you die without a will. Surviving spouses often receive the majority of the estate, leaving little for children from previous relationships. Step‑children and unmarried partners typically inherit nothing.
Probate timelines. The probate process can take months or years. Having a living trust can avoid probate entirely for trust assets.
Will filing requirements. By statute, a will must be delivered to the county clerk within 30 days of the testator’s death. If you die without informing loved ones where your will is, they may miss the deadline and face legal complications.
How to Get Started
Take inventory of your assets and debts: home, bank accounts, retirement funds, life insurance, business interests.
Choose your fiduciaries: Who will serve as executor, trustee, guardian, power of attorney, and medical agent? Discuss responsibilities with them.
Meet with a qualified attorney. A professional will explain local rules and draft documents tailored to your needs.
Store your documents securely and inform trusted loved ones where to find them.
Review regularly. Revisit your plan every three to five years or after major life events.
Conclusion
Procrastination puts your family’s future at risk. Estate planning is about ensuring your wishes are known and protecting those you love. Start early, keep your documents up to date, and revisit your plan as life changes. Don’t wait for a crisis—plan now.
