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Estate Planning Attorneys Norfolk

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Estate planning refers to the steps you take to protect your financial legacy (your assets) and ensure that they flow to your loved ones according to your wishes when the time comes. Estate planning is something that is commonly put off, but it represents an important financial and personal safeguard that can provide you with considerable peace of mind. If you are ready to address the matter of your estate plan, an experienced estate planning attorney in Norfolk is standing by to help.

Your Assets

The term estate sounds very grand, but it simply refers to the assets you’ve amassed – and will continue to amass – over the course of your life. Estate planning is not just for the rich and famous – you work hard to build the wealth you achieve, and passing it on in accordance with your wishes is a worthy pursuit. Your estate plan can address all your assets, including:

  • The funds in your savings and checking accounts
  • Any cash you have amassed
  • Your home and any other real estate properties you own (or share ownership in)
  • Your stocks and bonds, life insurance policies, retirement accounts, and anything else in your financial portfolio
  • Ownership in a business
  • Your vehicle(s), including recreational vehicles
  • Any valuable collections, valuable pieces of art, valuable jewelry, or family heirlooms

Accounts with Beneficiaries

Some of your assets will be distributed according to named beneficiaries, and these can include life insurance policies, retirement accounts, and other financial tools. Those assets that are not addressed in this manner will need to be included in either a trust or in your last will and testament.

Setting Up a Trust

Trusts sound complicated and can scare people off, but they need not be. A revocable living trust is simply a financial tool in which you can deposit assets (that you remain in control of during your lifetime), and that determines how these assets will be distributed upon your death. Anything in your trust bypasses the lengthy and often-costly probate process and can minimize any associated tax implications. 

Your Will

If you carefully funnel all of your assets that are not beneficiary-based into a trust, you may wonder why you need a will, but there are a variety of important reasons. Your will takes care of any unfinished business in terms of assets that did not make their way into your trust. Life is unpredictable, and your will helps to ensure that your wishes guide how each of your assets is distributed. Further, your will can address the matter of your funeral and burial and the guardianship of any minor children (in the unlikely event they are left without either parent). 

Don’t Wait to Consult with an Experienced Estate Planning Attorney in Norfolk Today

If you have come to the realization that it’s time to address your estate planning – or you think it might be – the trusted estate planning attorneys at Mahoney Richmond Thurston, PLLC, in Norfolk, Virginia, have the compassion, legal savvy, and experience to help you gain the peace of mind you’re looking for. To learn more, please don’t delay contacting us today.

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