Norfolk Estate Planning Lawyers

While the circumstances surrounding estate planning often make people uneasy, it is not something to fear. Estate planning involves preparing your legal, financial, and medical wishes in the event of your incapacitation or death and protecting your assets and your loved ones after your passing.

After death, probate, taxes, debt, and family disputes can negatively impact the value of your estate and your intentions from being carried out. To ensure your estate is managed according to your wishes, you must establish a solid estate plan. At Anchor Legal Group, PLLC, our highly experienced Norfolk estate planning lawyers provide exceptional knowledge advice. We are here to help you create an estate plan that clearly directs your intentions and protects your loved ones now and for future generations.

What Key Components Should Be Included in My Estate Plan?

It is never too early to start estate planning, especially if you have a family, home, children, and other assets you want to protect after your passing. By starting early, you can ensure that your wishes are carried out and your loved ones are protected. Estate plans contain many components detailing how your assets are distributed, who can decide on your behalf before and after death, and more. At a minimum, the key components of an estate plan include:

• Last will and testament: A will is a legal document outlining your wishes for who you designate to handle your estate, how your assets will be distributed, and a guardian for minor children after your death.
• Power of attorney: A power of attorney assigns another individual the authority to make financial and legal decisions if you become incapacitated and cannot make decisions for yourself.
• Living will/advance directives: A health care proxy, also called a living will, is a legal document appointing someone to make medical decisions on your behalf if you are unable to do so.
• Trust: A trust is a legal entity that helps manage and distribute your assets according to your wishes. There are many different types of trusts, and some may not be suitable for every situation.

What Are Common Estate Planning Mistakes?

Properly prepared estate planning can help maximize the value of your estate; unintended errors and oversights can prevent your plan from carrying out your intentions or goals. Some common mistakes include:

• Not having an estate plan.
• Not naming beneficiaries or naming only one.
• Not planning for incapacitation or disability.
• Choosing the wrong executor.
• Putting a child’s name on house deeds.
• Neglecting to name legal, financial, or medical powers of attorney.
• Not including final wishes and arrangements.
• Not considering digital assets.
• Forgetting to update regularly.

The best way to avoid errors is to hire a knowledgeable and experienced Norfolk estate planning lawyer to help ensure that your estate plan is accurate, proper, and effective.

How Can I Prepare for Estate Planning?

Consider many decisions and important lists and documents to prepare before meeting with your Norfolk estate planning lawyer. Consider the following estate planning checklist:

• Identity documents: Gather identity documents your executor or family members will need to close accounts, such as Social Security cards, passports, birth certificates, and marriage certificates.
• Last will and testament: Determine the executor to out the terms of your will, name a guardian for children and pets, and list the assets and to whom you want them distributed.
• Power of attorney: Assign a power of attorney to someone you trust to make critical financial decisions on your behalf and outline what you would like to happen to your finances if you are incapacitated.
• Advance directives: Identify and outline healthcare and directives you would like if you were incapacitated and unable to make your own decisions, as well as the individual you would like to grant medical power to.
• Trusts: Decide if you want to create a living, revocable, irrevocable, or other type of trust and name beneficiaries to manage it.
• Determine beneficiaries: Choose your beneficiaries to be included in your will.
• Insurance policies: Identify any insurance policies you have, such as health insurance, life insurance, home insurance, or funeral insurance.
• Financial accounts: Compile documents of your financial and investment accounts, including checking and savings accounts, credit cards, investment, retirement, or pension accounts.
• Property information: Compile information regarding any property and assets you hold, such as your home, vehicles, or businesses.
• Home and utility information: Gather policies, rental agreements, and a list of utility bills in your name.
• Digital accounts: If you have digital accounts or assets, create a list of financial and banking, social media, email, and streaming accounts, along with passwords and login information for digital files and billed accounts that are paying or closing.
• Final arrangements: Decide the disposition of your remains, the type of funeral service or no services, preferred funeral home and burial site, participants, such as pallbearers, and details of any existing paid funeral policies.

Why Choose Anchor Legal Group, PLLC for Your Estate Planning Needs

Estate planning allows you to provide for your family by creating a will, establishing a trust, executing a health care and financial power of attorney, living will, and more. If you are ready to begin the estate planning process, you need the help of an experienced lawyer to protect you and your loved ones’ interests. At Anchor Legal Group, PLLC, our Norfolk estate planning lawyers can help you plan or prepare the following:

• Simple and complex wills
• Durable and limited powers of attorney
• Advance directives, including living wills, healthcare proxies, and medical visitations
• Revocable and irrevocable trusts
• Life insurance trusts
• Special needs trusts
• Foundations
• Charitable remainder trusts
• Estate and gift tax determinations

Our Norfolk Estate Planning Lawyers at Anchor Legal Group, PLLC Help Clients Prepare for the Future and Protect Their Loved Ones

A well-prepared estate plan can enact your wishes and protect you and your loved ones for years to come. If you want to create an estate plan or update an existing one, our experienced Norfolk estate planning lawyers at Anchor Legal Group, PLLC can answer your questions, provide valuable advice, and help you establish clear directives for your care and estate before and after your passing. Call 757-LAW-0000 or contact us online to schedule a consultation. Located in Virginia Beach, we serve clients in Chesapeake, Norfolk, Suffolk, Portsmouth, Newport News, Hampton, Williamsburg, and Eastern Shore, Virginia.