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Estate Planning Attorneys Chesapeake

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Your estate planning needs are unique to you, but regardless of how immense or how modest your estate, your estate planning reflects your care and concern for your loved ones, which makes it important. Estate planning is a legally complex matter, but working closely with an experienced estate planning attorney in Chesapeake can provide you with the peace of mind you’re looking for. 

For Parents with Minor Children

Many people are under the mistaken belief that estate planning is for those who are getting on in years and have accumulated immense wealth. The truth is that if you have minor children, you have considerable estate planning needs that include addressing the matter of their guardianship – in the event they were to lose both their parents. Those parents who have children with special needs have even more considerable, long-term guardianship concerns to address. 

Your Estate Planning Needs

Your estate simply refers to your assets and need not include a palatial home. Your assets include anything of value that you own, such as the following:

  • Your cash and bank accounts
  • Your financial portfolio, including any stocks and bonds
  • Your retirement accounts
  • Your life insurance policies
  • Your home
  • The contents of your home
  • Family heirlooms
  • Any collectibles, such as art or jewelry
  • Any ownership in a business or real estate holding
  • Your car and any other vehicles, such as recreational vehicles

While some of these assets, such as your retirement accounts and life insurance policies, will be addressed in terms of named beneficiaries, others will need to be addressed through either your will or a trust. While trusts and financial tools with beneficiaries avoid the complex and often lengthy probate process, your last will and testament will guide that probate process (ensuring that your wishes are upheld). 

Trusts

Trusts are by no means just for the wealthy. They represent a legal tool that allows the assets contained within them to avoid the probate process and pass – according to your stated wishes – to the loved ones whom you intend to have them. A revocable living trust allows you to deposit assets into it and to continue controlling those assets during your lifetime, while ensuring they will be distributed according to your wishes when the time comes. 

Your Will

Having a will simplifies the probate process for your loved ones. While the bulk of your assets may be addressed by a trust, your will can perform any clean-up duties – ensuring any assets that didn’t make their way into your trust are addressed. Further, a will allows you to assign guardianship of your minor children and to share your wishes regarding your funeral – and anything else that’s important to you.

It’s Time to Consult with an Experienced Estate Planning Attorney in Chesapeake

The compassionate estate planning attorneys at Mahoney Richmond Thurston, PLLC, in Chesapeake dedicate their practice to helping clients like you resolve their estate planning needs while fostering the peace of mind that comes from knowing you’ve carefully addressed the matter of continuing to support your loved ones. For more information about how we can help, please don’t hesitate to contact us today.

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