Estate Planning can be confusing. It involves multiple aspects to protect a person’s assets, future, and family. Using online templates might seem like a good idea, but it can cause serious problems. You need to hire an experienced Estate Planning Lawyer.
An Estate Planning Attorney represents clients while creating a comprehensive Estate Plan. They can advise you about beneficial options for distributing assets to beneficiaries, establishing a healthcare plan for unexpected events, and outlining your final wishes.
Your Estate Planning Attorney can help with multiple areas of Estate Planning, such as:
- Making an inventory of your assets – Knowing your assets and their value is vital. Your family won’t receive the property you leave behind if you forget to include it in your Estate Plan or incorrectly title it. Your Lawyer can review each asset you own and determine how to handle it. That way, they can ensure all your assets are distributed to your heirs according to your wishes.
- Drafting a Last Will and Testament – Your Lawyer can help you create your Last Will and Testament. This legal document outlines how you want to distribute your assets when you die. A Will can also designate a legal guardian for minor children. Dying without a Will can be problematic for your loved ones. Intestate succession laws pass an Estate to surviving heirs according to a specific line of succession. That means people you might not want to leave your assets to will receive them based on their relation to you.
- Designating beneficiaries – You can designate beneficiaries for various assets in your Estate. Naming a beneficiary eliminates confusion and ensures your property transfers to the appropriate people when you die.
- Establishing a Power of Attorney – A Power of Attorney authorizes an appointed agent to make decisions on your behalf if you can’t speak for yourself. Your Lawyer can create a Power of Attorney for your financial and medical affairs. Your chosen agent can direct your medical team on your preferred treatment, access your finances to pay for necessary expenses, and decide on end-of-life care.
- Advising about options regarding Trusts – A Trust holds specific assets for designated beneficiaries until the account holder dies. Different types of Trusts are available depending on a person’s needs. Your Attorney can determine the kind of Trust you should use to protect your assets.
- Avoiding probate – Probate is the legal process surviving family must go through for a judge to validate a Will and authorize the distribution of property. It can be time-consuming, especially if anyone contests the Will’s validity. Your Estate Planning Attorney can determine methods for avoiding probate by creating a Trust or adding a right of survivorship to real estate.
- Minimizing Estate taxes – Heirs must pay Estate taxes on Estates valued over a specific amount. That means the value of the assets they receive can be less after settling tax obligations. Your Lawyer can help minimize tax consequences for your loved ones.
- Appointing an executor – An Estate executor manages a person’s Estate when they die. You should choose your executor wisely. It should be someone you trust to carry out your final wishes and fulfill their duties. An Estate Planning Attorney can guide you in picking a responsible person to handle the job.
- Updating the Estate Plan – Creating an Estate Plan requires updating various aspects under certain circumstances. Your Lawyer will review the documents and advise you when changes are necessary. For example, you must update your beneficiary if they pass away before you.
Contact Anchor Legal Group, PLLC Today
A well-drafted Estate Plan can put your mind at ease. Hiring an experienced Estate Planning Lawyer protects your interests and ensures you can care for your family even after you’re gone.
If you want to create or modify your Estate Plan, call Anchor Legal Group, PLLC at 757-529-0000 today for a confidential consultation. We help Virginia Beach, VA, clients secure their future and the future of their loved ones.