Some individuals believe that estate planning is only for wealthy families and similarly situated individuals. However, nothing could be further from the truth. In fact, proper estate planning can be beneficial for just about everyone. A person’s estate refers not only to the real estate assets and homes which a person owns, but also to furniture, cars, investment accounts, bank accounts, social security benefits, and pension benefits.
One of the best ways to ensure that items of personal property and other assets are distributed in accordance with your wishes is to draft a proper living trust or will. In a will, a person or couple can also name a guardian for their minor children. Our experienced estate planning law firm in Hampton can assist you with all of your estate planning needs. Please reach out to Mahoney & Richmond, PLLC, today to learn more about how we can assist with your trust and estate planning legal issues.
When it comes to estate planning, three important goals come to mind. The first goal of proper estate planning is to preserve a couple’s or family’s assets. In terms of preserving assets, a good estate plan will help to protect against potential claims that a creditor could make and will work to minimize potential tax liabilities that could arise. In the family context, one of the best ways of achieving this goal is to set up a family limited partnership. A family limited partnership is a type of investment vehicle that can work to pool – or bundle – various classes of assets together into one.
Another important goal that is associated with estate planning is properly managing the assets of an individual, couple, or family. When it comes to managing these assets, one of the first things to do is to draft a durable power of attorney. When you draft a durable power of attorney, you will name an individual who will be in a position to handle all of your financial issues, including paying your bills and managing your investments, in the event you become incapacitated, injured, or otherwise unable to take care of those things on your own.
Another goal of effective estate planning is to determine how assets will be distributed upon your passing. For example, your assets and other belongings could go to one individual, several individuals, a business entity, or a charity. One of the most important ways of ensuring proper asset distribution is to have a clear will that is descriptive and succinct.
Finally, a proper estate plan should contain important clauses related to health care. Those necessary clauses, all of which could be grouped together into a document known as an Advance Medical Directive, include the following:
The legal team at Mahoney & Richmond, PLLC, is ready to assist you with all of your estate planning needs. For a legal consultation or case evaluation with an experienced Hampton estate planning lawyer, please contact us online today for more information.