Your estate is your financial legacy – regardless of how large or how modest. If you have a spouse, children, family members, or loved ones whom you want your assets (and possessions) to flow to when you are gone, estate planning is in order, and an experienced Hampton Roads estate planning attorney can help.
Your estate consists of everything of value that you own – including those items of sentimental value, such as family heirlooms, that you want to pass along. Consider all the following potential elements of your estate:
While estate planning is no one’s favorite topic, planning for your loved ones’ futures can provide you with considerable peace of mind and can help to ensure that, when the time comes, your wishes will be followed, the probate process won’t be overly protracted and/or complicated, and tax implications for your loved ones will be minimized.
One of the most important considerations of estate planning is preserving its value to help ensure that your loved ones benefit to the fullest degree possible. Preserving the value of your estate involves considering the tax implications (and mitigating them to the degree possible) and limiting any creditor claims on your estate.
Another important element of your estate planning efforts is managing your assets now and into the future. One mechanism for helping you accomplish this goal is via the establishment of a durable power of attorney who can step in and make important financial decisions on your behalf (in the event you are incapable of doing so). Your durable power of attorney should be someone whom you trust implicitly to carry out your wishes in these matters.
A primary factor of your estate planning is the distribution of your assets according to your wishes. Any assets that you neglect to specifically address will be distributed according to the state’s laws of intestacy, which are unlikely to match up with your own preferences, and which will almost certainly complicate matters for your family.
Another important issue to address in your estate plan is assigning guardianship for your minor children in the very unlikely event they are left without either parent.
While estate planning can be a somber topic, it’s important to recognize that it symbolizes your care and concern for your loved ones, which can help put a better light on the matter. The dedicated Hampton Roads estate planning attorneys at Mahoney Richmond Thurston, PLLC, have a wealth of impressive experience helping clients prepare to pass on their legacies – in a manner that meaningfully embodies their wishes. We can help you do the same, so please don’t wait to contact us today.