Estate Planning

Whether you know it or not, you have an estate. Your estate is made up of everything you own, your house, car, checking account, personal possessions, furniture and life insurance are some of the things that make up your estate.

No matter the size of your estate you share something in common with everyone, you can’t take it with you when you die. It isn’t just the wealthy that need an estate plan. Your estate may be small but having a plan is essential to efficiently transfer the assets you do have..

Estate planning is putting together a plan for your assets that ensures that your wishes are followed. A good estate plan also helps simply the transfer of assets to the next generation.

Most people do not need an elaborate estate plan, typically a will, power of attorney and an advance medical directive is all that is needed.

We are set up to handle every level of estate planning, from simple to complex. We encourage you to call and schedule an appointed to put your Estate Plan into action.

WHEN SHOULD I START MY ESTATE PLANNING?

Estate planning is not just for “retired” people, it is for everyone. Most people tend to think about estate planning as they get older, but you can’t predict how long you will live. Accidents and illness happen to people of all ages.

Young families need a will to ensure their children go to a guardian that they choose, rather than leaving it up to the state. Far to many people forget about this aspect of estate planning. A simple will is easy to do and will ensure your children are well taken care of.

An estate plan isn’t just for the wealth. Good estate planning often means more to families with modest assets, because they can afford to lose the least.

WHAT DO I NEED TO PUT IN MY WILL?

Here are the few steps you need to take.

Decide what property to include in your will.
Decide who will inherit your property and things.
Choose an executor to handle your estate.
Choose a guardian for your minor children.

DO I NEED A TRUST?

Many estate planning lawyers push setting up a living trust. My experience is that most people don’t need a trust. A trust is not for everyone, a trust can be expensive to maintain and can easily cost thousands of dollars to set up.

Anyone thinking about a trust should consider the following factors:

What Is a Living Trust?
Will a trust simplify the probate process?
How expensive is probate in Virginia?
How much real estate do you own?
Do you have a child with special needs?
Will you estate be subject to estate tax?

What Is a Living Trust?

A living trust provides lifetime and after-death property management. If you are serving as your own trustee, the trust instrument will provide for a successor upon your death or incapacity. Court intervention is not required. Livings trusts also are used to manage property. If a person is disabled by accident or illness, the successor trustee can manage the trust property. As a result, the expense, publicity, and inconvenience of court-supervised distribution of your estate can be avoided

Will a trust simplify the probate process?