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Estate Planning Attorneys Hampton Roads

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Estate planning can be as straightforward or as elaborate as your needs require, but it is important to recognize that you do not need to own manicured acres and a palatial home to have estate planning needs. Your estate plan provides you with the opportunity to guide your legacy according to your wishes and to protect your heirs in the process. Learn more by reaching out to an experienced estate planning attorney in Hampton Roads today. 

For Young Families

If yours is a younger family, you may think that you have no estate planning requirements at this juncture. If you have young children, however, addressing the matter of who will care for them in the unlikely event (but the very real possibility) that they lose both parents while they are minors is paramount. Further, if you have a child with special needs, the matter of his or her ongoing guardianship – into adulthood – should be addressed. 

Do I have an Estate?

Although estate planning sounds lofty, it is not just for the wealthiest among us. Your estate simply refers to your assets – whatever they might be. Including all the following:

  • Your home and its contents, including family heirlooms
  • Any real estate holdings you have or have ownership in
  • Any ownership in a business
  • Your life insurance policies
  • Your retirement accounts
  • Your stocks and bonds and any other financial tools
  • Your bank accounts and cash
  • Any items or collections of value you own, including jewelry, watches, artwork, and more 
  • Your vehicles, including recreational vehicles and boats

Addressing Your Estate

Some items included in your estate will be distributed according to the established beneficiaries, such as retirement accounts and life insurance policies, which means they avoid the lengthy and often complicated probate process. Other items, however, will generally need to be addressed in either your last will and testament or a trust. 

Trusts

Trusts are estate planning tools that allow you to bypass the probate process while ensuring that your assets flow to your heirs according to your wishes. There is a range of options when it comes to trusts, but the basic idea is that a trust allows you the opportunity to put the assets that you choose into it – while you retain the right to continue using and controlling these assets during your lifetime (with a revocable living trust). 

Your Will

While many of your assets may be addressed in a trust and through beneficiaries, having a will helps to ensure that any assets that you acquire after the creation of your trust or that slip through the cracks in another way are handled according to your wishes when the time comes. Further, you need a will to address the matter of your minor children’s guardianship – and any wishes you have regarding your funeral services and beyond. A dedicated estate planning attorney can help you carefully address your estate planning needs with the wide range of tools available to you.

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

The seasoned estate planning attorneys at Mahoney Richmond Thurston, PLLC, in Hampton Roads dedicate their practice to helping clients like you obtain the peace of mind that comes from addressing their estate planning needs head-on. Learn more by contacting us today.

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