What exactly is, “Estate Planning?” Why is it so important? There really is never a “bad” time to create an estate plan. It is not something to concern yourself with only once you reach a certain age. If you are an adult (18+), you owe it to yourself and your loved ones to create proper estate planning documents. The same is true for a surviving spouse, a newly married couple, and even families with adult children who are out of the house.
“What is Estate Planning?
Creating an estate plan is wise, but there are many possible aspects pertinent to each individual or family’s estate plan. The protections, peace of mind, and other functions that the estate plan may accomplish is dependent upon each client’s goals.
Ask yourself the following questions, and if you answer “yes” to any of them, strongly consider setting up a free consultation with a Virginia Estate Planning Lawyer:
- Do you want control to select who takes what, once you are gone…but either have never made a Will, a Trust, or you have, but it has been a long time since it was updated?
- Do you desire to preserve your assets as much as legally possible?
- Do you want the ability to distribute your assets during your lifetime, after your death, or in any combination you choose?
- Do you want your legal and financial matters to be handled according to your wishes, in the event you become incapable of making such decisions?
- Do you want your medical decisions to be honored if one day, you are not capable of communicating such wishes?
- Are you relatively wealthy, and concerned about tax consequences?
- Do you have young children, but are not sure who would obtain custody if something happened to you and/or their other parent?
- Would you like your assets to pass to your loved ones as quickly as possible?
What your estate plan may or may not include depends on various things, including: your goals for the future, your retirement, whether your children need to be provided for, and much more. Check back soon for a video series on estate planning, or subscribe to our free enewsletter for an email notification when they are posted.
Be sure to visit our Virginia Estate Planning Frequently Asked Questions for more information.
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