VIRGINIA BEACH, Va. — Life is full of ups and downs, and while we can't control what happens, we can control how we prepare.
Danyiele Peterson learned that lesson after her dad died two years ago.
She said while he did have some plans in place for after his death, he lacked a will or a trust. She recalled the complicated task of sorting through assets and accounts while grieving.
"It would have been so much easier if he had established a trust or a will or those types of things," Peterson said.
To prevent similar challenges for her loved ones, Peterson created a trust outlining all her wishes, including her medical preferences and appointing decision-makers.
"[It was important to include] how I'd like to have my medical concerns handled when I'm no longer able to make those medical decisions for myself up to my end-of-life care," she explained.
She added, "[My husband and I appointed] power of attorneys [and] we've laid out who those important people are to make decisions on our behalf. It's already spelled out, so there's no question for anyone."
However, not everyone shares this proactive mindset. Stephanie Himel-Nelson, principal estate planning attorney at Jennifer Porter Law in Norfolk, said that only about 30% of people have done any form of estate planning.
"[I sit down with people and explain], this is what a will might look like for you, this is what a trust might look like for you and also, here's what happens if you don't do any planning," Himel-Nelson said.
Without planning, the state of Virginia decides who will receive your assets. Acting now offers several benefits, Himel-Nelson says.
"The first [benefit] is it keeps you in control, not the state. The second - you can protect your family and yourself at a vulnerable time. And then finally, you can save your family a lot of time and money and headaches," she explains.
Himel-Nelson advises reviewing your will and estate plan every three to five years.
“Look at your powers of attorney for health and finances. Are those agents still available? A lot of people will name their parents as their primary agent if they’re incapacitated, but our parents typically die before us, so you want to have layers there," she says.
If you do not name anyone to oversee your accounts and the state takes over, Himel-Nelson said there is a hierarchy for how assets are divided: "Typically, it would be your spouse and then your children, or a combination of spouse and children depending on which marriage they came from, and then it goes up to your parents, and your siblings, and your nieces and nephews and so on."
While some conversations were tough, Peterson found the process empowering.
"It's actually very comforting in a sense that I know my husband and son — they don't have to wonder," she said. "It's a sense of relief and I really can't stress that enough."
This article was researched, reported, and written by a WTKR News 3 journalist. AI was used to minimize typos and ensure style continuity.
