Estate Planning Lawyer Chesapeake

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Many people think estate planning is something that only the extremely wealthy and the elderly need to think about, but there is far more to the matter than this. While the term estate sounds very grand, it actually refers to the assets you acquire over your lifetime, and estate planning refers to the plans you make to help ensure that your estate flows to your family in the manner you intend. Estate planning is a complicated area of the law, and working closely with an experienced estate planning lawyer in Chesapeake is in your best interest. 

Your Unique Estate

Your estate plan can address all of the assets and properties you accumulate over your lifetime, including items of sentimental value that you want to pass to specific recipients. Some of the assets that typically make up one’s estate include the following:

  • Real property, such as your house and any other real estate holdings in which you have ownership
  • Assets held in bank accounts
  • The investments, stocks, bonds, and other financial tools that make up your financial portfolio 
  • Retirement accounts and life insurance policies, which are typically distributed to beneficiaries who are named in the policies themselves 
  • Any specific items of value, such as any artworks, jewelry, or collections

Addressing the matter of how you will continue to provide for your family after your passing can afford you immense satisfaction and helps to ensure their continued well-being in the face of considerable unknowns. 

Protecting Your Estate

The purpose of estate planning is to protect the value of the assets you’ve worked so hard to acquire in support of your family. If you leave the matter to chance, you can rest assured that the government will take more than its fair share in the form of high taxes – and you will have no say regarding who gets what (and when). Estate planning puts the important decisions squarely under your control in all the following ways:

  • You can mitigate the tax implications of your estate passing from you to your loved ones (helping to preserve the value of the estate you’ve poured your heart and soul into building).
  • You can ensure that your assets are managed in the manner you would want them to be – in the event you are unable to manage them yourself – by establishing a durable financial power of attorney who is prepared to step in and make decisions on your behalf. The same is true regarding important decisions related to your health care. 
  • You can control how your assets will flow to your loved ones by establishing beneficiaries, implementing trusts, and creating a will. Any assets that are not addressed in your estate planning will be distributed by the state according to its laws of intestacy.

Turn to the Professional Legal Counsel of an Experienced Estate Planning Lawyer in Chesapeake

The trusted estate planning lawyers at Mahoney Richmond Thurston, PLLC, in Chesapeake are well-positioned to help you forge an estate plan that provides you with the peace of mind you’re looking for. To learn more, please don’t hesitate to contact us today.

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