It’s Always the Right Time to Plan for the Future. Our Midlothian Estate Planning Attorney Is Ready for You Now!

In its simplest form, estate planning arranges for the transfer of an individual’s assets and property at the time of his or her death. However, a complete plan will also include provisions for circumstances that could arise while the planner is still alive. Some of the more popular estate planning tools include:

• Wills. A will is a tool for designating who will inherit what after a death. Wills can also name guardians for minor children and specify other wishes—such as funeral arrangements—of the deceased. All wills must pass through probate, which can be a lengthy and expensive process. Without a will, property will be transferred to next of kin according to Virginia state law.
• Trusts. A trust is a more powerful tool than a will and offers more flexibility in terms of choosing beneficiaries and planning for property and assets. Trusts can begin distributing property before your death and can be used for planning for disability and tax savings. Another advantage to a trust is that it does not have to go through probate upon your death.
• Powers of attorney. A power of attorney is a tool that designates an individual to handle your finances if you become unable to do so yourself. You may name a friend, family member, attorney, or a trusted professional in a financial power of attorney. This is an important decision and you will want the advice of an estate planning attorney before you choose.
• Healthcare directives. Many people’s biggest fear is becoming incapacitated or being kept on life support against their wishes after a catastrophic accident. Also known as “living wills,” healthcare directives spell out your wishes regarding healthcare and name a person to make decisions for you if you become unable to do so. This is known as a power of attorney (POA) for health care and is separate from a financial POA.

There is a lot to consider when thinking about an estate plan, but meeting with an experienced attorney to discuss your wishes for the future can help you decide what your next steps should be. Before you turn to the internet to download free forms that won’t do any more than state law mandates anyway, talk to an estate planning attorney to learn about the difference  they can make for you and your family.