Many people are swift to put thoughts of estate planning on the back burner. After all, most of us don’t have what we think of as estates, and planning for when we are no longer here is not exactly a pleasant task. This, however, is not a great attitude to adopt. Your estate is simply your financial legacy, and your estate plan helps to protect the value of your estate and helps to ensure that it is distributed according to your wishes – with as few tax implications as possible – when the time comes.
This is a matter that is worth dedicating some time and attention to. If you’re ready to get started on – or to further explore – your estate plan, look no further than an experienced estate planning lawyer in Virginia Beach.
Many of us have a difficult time getting past the fancy term estate. Just because you were not “to the manor born” does not mean that you don’t have an estate. Your estate amounts to all your financial assets (as offset by your total debts), including all the following that apply:
Your assets, which are likely more diverse than you realize, make up your estate.
Many people want to put their estate planning off for a later date, but now is actually a great time to create an estate plan. In all likelihood, your estate planning will continue to evolve – along with your estate – for many decades to come, but it’s important to recognize that accidents and life-threatening illnesses do happen, and people’s lives are cut tragically short as a result. While this is very unlikely to be your fate, having an estate plan in place can provide you with considerable peace of mind.
If you have children, your need for estate planning begins with their birth. In the very unlikely event that your children tragically lose both their parents, identifying the guardian that you have chosen to take over raising, caring for, and loving them is paramount. Leaving this decision to the court allows far too much uncertainty, and ensuring that your children have loving, supportive caregivers from the outset is too important a mission to ignore.
Estate planning is for everyone, and if you’re putting it off for another day, it’s not a great game plan. The savvy estate planning lawyers at Mahoney & Richmond, PLLC, in Virginia Beach understand your hesitation, but have the experience, legal insight, and dedication to help you obtain the peace of mind that can only come from getting out in front of your financial legacy. For more information, please don’t hesitate to contact us today.