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What is an Estate Plan?

Nobody truly knows what’s waiting for us behind the next corner. We may have another 50+ years on this planet, or another five, or maybe less. Who can say? Death is, unfortunately, a fact of life for all of us. It can be difficult to consider our own mortality, but making plans for the inevitable can help make things easier for your family members and loved ones who survive you. Estate planning is a comprehensive plan for the future and the potential unknowns and eventual inevitabilities that could come to pass. Estate planning is the process that helps you determine how you want your personal assets divided amongst your beneficiaries after the time of your death. But it goes beyond that, too. Some elements of estate plans benefit us and our loved ones while we are still alive, either through healthcare directives or living trusts.

Common components of an estate plan in Virginia include the following:

  • Last will and testament
  • Trusts
  • Medical directives
  • Power of attorney documents

There are many myths about estate planning, not the least of which is that many people consider it something reserved only for the super-wealthy. Do not go into estate planning with such misconceptions. It is highly recommended that you retain professional legal counsel from an experienced estate planning attorney, such as our firm’s lawyers. We can lend valuable legal assistance to you during the difficult considerations you must make when creating your estate plan documents. Please contact our law firm today to learn more about our legal services.

Are Estate Plans Only for the Wealthy?

The term’ estate plan’ tends to conjure up images of affluent people with vast fortunes, large homes, and complex support structures. However, it is a myth that estate planning is something reserved only for the wealthy. Estate planning is vitally important for all people of all income levels.

Anyone with an estate of any size should consider estate planning. Essentially, if you own any personal assets, debts, financial accounts, real estate, motor vehicles, or personal valuables, you have an estate worth protecting.

A Virginia estate plan is not only about how to leave your assets to those you choose, either. Some estate planning documents can ensure that your health care wishes and financial decisions are respected if you become incapacitated. Additionally, if you have minor children and you pass away at a young age, you want to ensure that your children will have a guardian of your choice upon the event of your death. Without an estate plan, many of these decisions will be made by the courts, and it can lead to costly legal battles among surviving family members.

Estate planning is not a luxury afforded only to the most fortunate among us. Rather, it is an essential tool for safeguarding your loved ones, ensuring your wishes are respected, and simplifying matters in the event of death or incapacitation. Regardless of the size of your bank account, it is worth taking the time to consider how an estate plan could help benefit your loved ones and shield them from unnecessary hardships in the future.

The cost of inaction and dying without an estate plan far outweighs the efforts that could be made to create a valid and comprehensive estate plan to safeguard your interests. To learn more about estate planning and how it could benefit you and yours, please contact our legal team to schedule your initial consultation today.

Who Could Benefit from Estate Planning?

The majority of Americans do not have an estate plan, believing that estate plans are only for the wealthy. But this couldn’t be farther from the truth. Any and every adult in Virginia could benefit from estate planning.

While estate planning is especially important for those with significant assets, even individuals with a few personal items should consider its benefits.

Also, estate planning is often thought of as something only for those past middle age. However, anyone over age 18 should consider creating an estate plan. Estate planning can be especially useful for young parents who have children with little personal property.

If you have assets or dependents, contact our law office to learn the many benefits of estate planning.

Could Personal Assets Go to Unintended Beneficiaries Without a Will?

While not every estate planning document concerns financial assets and other valuables, one of the primary parts of estate planning is naming your beneficiaries and who shall inherit what assets.

If you die without a will or a valid estate plan that establishes your last wishes, it is known as dying intestate. When you die intestate, state law and probate court decide who will receive your property after your death.

What Might Happen if You Are Ever Left Incapacitated?

There is a misconception that if you are ever left incapacitated, your spouse or partner has the authority to make the decisions about medical care on your behalf. But it is rarely so simple as that, not without the proper medical directives in place.

When you create a medical directive, you will choose a medical proxy to represent your wishes and act on your behalf when you cannot speak for yourself. This can be invaluable in situations where you are left incapacitated due to serious illness or injury.

Do You Know Who Will Care for Your Minor Children if You Die?

If you are the parent of a young child, you need to consider who will care for them in the event of your untimely death. Estate planning allows you to designate guardians for your children if both parents die before the children turn age 18. Without a will or clear declaration of guardianship, a judge can make this decision without the decedent’s input being known.

Will There Be Family Conflict Without an Estate Plan?

There always exists the chance of conflict between our surviving loved ones during the probate process. This chance of conflict can be reduced by making your wishes clearly known with a comprehensive and well-understood estate plan. Designate the methods for transferring assets after you pass away to look after your family into the future, even after you are gone. This can go a long way towards settling your family conflicts and ensuring that your assets are distributed according to your wishes.

Contact Our Law Firm to Schedule an In-Depth Consultation Today

Adults of all ages, backgrounds, and income levels could benefit from creating a comprehensive estate plan. Regardless of your net worth, estate planning is an essential process that can help ensure that your assets and personal wishes are respected in the event of death or incapacitation. Estate plans also provide detailed instructions for paying off outstanding debts, funeral expenses, etc. Estate planning can also help form tax-efficient strategies to help your airs avoid burdensome taxes.

To learn more about the many benefits of estate plans, please contact our law firm to schedule an in-depth case evaluation today. We will be proud to lend legal help as you consider the estate planning documents that are most suitable for your needs.

You may contact our Warrenton, VA, law firm at 540-386-1277.

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