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 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:
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.
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:
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.