An estate consists of your financial portfolio, your home, your personal property, and all other assets. Most importantly, your estate includes your family and the legacy you want to leave them. Estate planning is much more than making a will. Too often, people think that is the only document they need when it comes to planning for what will happen when they pass away. In reality, several other key documents are vital for creating a strategic and effective estate plan for the management of your finances and health care decisions prior to and after your death.
Planning your estate can help you protect yourself, your assets, and your family. The Virginia estate planning lawyers at Taylor, Taylor & Taylor, Inc. help clients develop comprehensive estate plans based on their individual goals. Our skilled and compassionate lawyers will thoroughly review your particular situation to determine which estate planning documents and right for you. Allow us to take the time to understand your needs during an initial consultation. Call now to learn more about how we can help.
Estate planning involves a variety of tools and services to protect your assets, property, dependents, and yourself. A comprehensive estate plan is intended to help you plan for the unexpected and protect your assets if you pass away or become incapacitated.
Estate planning allows you to make sure your property will go to the people individuals you want in the manner in which you want it to. This is why it is critical for everyone, no matter the size of their estate, to have an estate plan. In addition to helping reduce tax liabilities, court costs, and attorney’s fees, it can help families cope with the financial issues that arise after the loss of a loved one.
When it comes to documents, estate plans typically include at least a power of attorney, an advanced medical directive, and a will. Other estate plan documents may include one of the many types of trusts available depending on your individual needs and the needs of your beneficiaries.
A durable power of attorney authorizes an individual to make decisions for someone who has become incapacitated. For example, if you were severely injured in a car accident, an individual of your choosing with power of attorney could pay your bills from your bank account and keep up your insurance policies and other financial affairs.
A will sets out the plan to distribute a person’s assets after they have passed. When you make a will, you name an executor for your estate, name a guardian for your minor children, and distribute your estate to your heirs. You can also make gifts to family members, friends, and charities or organizations. A will ensures every piece of your estate is accounted for.
A medical directive, also known as an advanced directive or physician’s directive, designates an individual to make health care decisions for the individual who has become incapacitated. With a medical directive, you can also specify the types of health care you authorize and donate your body after death for research purposes.
A revocable living trust ensures assets transfer to specific beneficiaries when you die. “Revocable” means that you are able to change or revoke the trust whenever during your lifetime. However, a living trust is not a replacement for a will.
An estate plan does much more than simply that determine how your finances and property will be distributed after you pass away. A good estate plan also allows you to make clear your wishes for medical care. An experienced Virginia estate planning lawyer can help you make an estate plan that allows your family members to know your wishes for critical things like life support and burial.
An estate plan should be customized for your goals, desires, and the amount and nature of your assets. The experienced Virginia estate planning lawyers at Taylor, Taylor & Taylor, Inc. will work with you to build a comprehensive approach for your family and your future.
Many wonder whether they need an experienced estate planning lawyer to help draft or revise their will, power of attorney, and other documents. However, they often do not realize how complicated estate planning in Virginia can be. A mistake could result in significant consequences, like confusion over your directives, delayed disbursement of assets, or unintended tax burdens.
At Taylor, Taylor & Taylor, Inc., our Virginia estate planning attorneys are ready to help with all your estate planning needs. To learn more about how we can assist you and your family, call now for a consultation.