Estate planning has a fusty sound, and many people think it simply doesn’t apply to them in their situations. The truth of the matter is, however, that if you are on the road toward building your career – and/or if you have a child – the time to throw your shoulder into estate planning is now. Your estate plan adds up to your financial legacy combined with your ongoing support for your family and your efforts to protect your legacy from undue taxation, and an experienced estate planning lawyer in Norfolk can help you with all of this.
You may not live on a sprawling estate with lush grounds and a stable for your horses, but that isn’t what is meant by your estate in legal terms. Your estate is simply a fancy name for your total property and assets, which can include all the following:
These make up your estate, and addressing the matter of how you would like these assets to flow to your loved one upon your passing, while limiting the tax exposure, can provide you with the kind of peace of mind that is otherwise difficult to achieve.
An important component of your estate plan is obviously providing for your children and ensuring that your assets are distributed among them in accordance with your wishes, but there is more to it than that. If your children are young, they depend upon you for care, love, attention, support, nurture, a roof over their heads, and much more, and the thought of not being able to continue providing for them in this way can be crushing.
Your estate plan, however, allows you to name a guardian whom you trust implicitly to step in and fill your parenting shoes in the very unlikely event that your children lose both of their parents.
The right time to think about estate planning is right now, and the resourceful estate planning lawyers at Mahoney & Richmond, PLLC, in Norfolk are well prepared to help you get started with an estate plan that addresses your current needs and that will grow with you as your estate and your planning needs evolve. Your estate plan is not a one-and-done proposition, and our dedicated legal team is committed to helping you every step of the way. Your estate plan is important, and we’re here to help you give it the professional legal attention it deserves. To learn more about how we can help you, please don’t put off reaching out by contacting us today.