A lot of people don't even think about how they want their assets distributed until they have retired. This is something that is often put on the back burner. Making a will and recording it is too often put off. Seniors need to make the inheritance planning Virginia Beach estate lawyers specialize in a priority.
You need to let your heirs know how you want assets divided or maintained after your death. The first thing you must do is sit down and make a complete list of everything you own. This includes everything from cash in the bank, stocks, and savings to real estate and personal possessions. You will probably be surprised at how much you actually have.
Most individuals with considerable assets have wills, but in case you don't, you need to call your family lawyer and get one drawn up. Wills can always be amended. After inventorying your assets, you might decide to do just that. If you die intestate, meaning without the discovery of a will, the courts will be the ones to decide how your estate will be divided.
You never know when you will suffer a catastrophic illness or accident that leaves you incapacitated. It may surprise you to learn that your loved ones may not be allowed to handle your affairs. The court can appoint a guardian for you. To keep that from happening, you must appoint someone to have financial power of attorney. You need to fill out and have an advance directive notarized. This will tell medical professionals what to do, or not do, for you medically.
For some individuals creating a trust makes sense. If you want to leave detailed instructions, not suited in a will, this might be the best way to go. When there are minor children involved or you are concerned about a family member with special needs getting continuing care, creating a trust can address those issues. Individuals who want to leave an ongoing legacy to a charitable foundation can do it through a trust.
Even though you have addressed the distribution of valuable assets in a trust, your heirs may be faced with liquidating them if you have debt when you pass away. That is why it is always a good idea to have some liquidity in the estate. That way relatives will be able to pay off debts, taxes, and any other obligations you have left behind.
Estate planning is probably not something you can do on your own. You will need the services of a professional who is familiar with inheritance laws. You also need someone who has your best interests in mind when advising you.
The best idea is to handle these issues while you are healthy and in a stable state of mind. You never know when something unexpected will happen that limits your ability to make your own decisions. You and your heirs deserve to have your wishes carried out.
You need to let your heirs know how you want assets divided or maintained after your death. The first thing you must do is sit down and make a complete list of everything you own. This includes everything from cash in the bank, stocks, and savings to real estate and personal possessions. You will probably be surprised at how much you actually have.
Most individuals with considerable assets have wills, but in case you don't, you need to call your family lawyer and get one drawn up. Wills can always be amended. After inventorying your assets, you might decide to do just that. If you die intestate, meaning without the discovery of a will, the courts will be the ones to decide how your estate will be divided.
You never know when you will suffer a catastrophic illness or accident that leaves you incapacitated. It may surprise you to learn that your loved ones may not be allowed to handle your affairs. The court can appoint a guardian for you. To keep that from happening, you must appoint someone to have financial power of attorney. You need to fill out and have an advance directive notarized. This will tell medical professionals what to do, or not do, for you medically.
For some individuals creating a trust makes sense. If you want to leave detailed instructions, not suited in a will, this might be the best way to go. When there are minor children involved or you are concerned about a family member with special needs getting continuing care, creating a trust can address those issues. Individuals who want to leave an ongoing legacy to a charitable foundation can do it through a trust.
Even though you have addressed the distribution of valuable assets in a trust, your heirs may be faced with liquidating them if you have debt when you pass away. That is why it is always a good idea to have some liquidity in the estate. That way relatives will be able to pay off debts, taxes, and any other obligations you have left behind.
Estate planning is probably not something you can do on your own. You will need the services of a professional who is familiar with inheritance laws. You also need someone who has your best interests in mind when advising you.
The best idea is to handle these issues while you are healthy and in a stable state of mind. You never know when something unexpected will happen that limits your ability to make your own decisions. You and your heirs deserve to have your wishes carried out.
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You can find an overview of the benefits you get when you use inheritance planning Virginia Beach services at http://www.lifetransitionsplanningllc.com right now.
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