An estate plan is one of the most important actions you can take to protect your independence and your family. While no one wants to think about their death or disability, it is important for you take steps to minimize the potential burden to your family and reduce the chance of conflict amongst your family. A thorough estate plan puts you in charge and allows you to chose the people or charities to leave your life’s work.
The primary components of an estate plan are a Will, a Power of Attorney and an Advance Medical Directive. Some estates due to their size or special characteristics of the property or beneficiaries may require a Trust. Other pieces of property, like life insurance, do not pass through the probate process. The general purpose and characteristics of these documents is discussed in more detail at the links listed below.
Each estate plan in unique. There are three main factors to consider when planning your estate.
1. Type of assets in your estate – how easily can your assets be turned into cash. Real estate, art, automobiles and other property take time to sell and may require a lot of time and effort for your executors to sell and divide. Additionally, your heirs may not adequately value this property.
2. Nostalgia – Some items just have special meaning to you and the family.
At the initial consultation, we will gather information on the nature or your estate and explain our process. If you choose to retain we will require you to complete a detailed questionnaire. We may not be able to answer all of your questions at the initial consultation. Depending on the size and nature of your estate, we may need to consult with an accountant, financial planner or tax expert before we can formulate a proper plan.
If you need help with Estate Planning or Elder Law in Chesterfield, Colonial Heights, Dinwiddie, Fort Lee, Hopewell, Petersburg, Prince George, or Sussex. Give us a call at (804) 668-5327 and schedule a consultation to discuss potential solutions in more detail.