While many people shy away from estate planning, it’s something everyone should do. With the help and expertise of our Williamsburg estate planning lawyers, you can learn more about your options and legal rights when planning for your assets after you are gone. It can be difficult to think about a time when you aren’t here and your children and other family members are living without you. However, by having your estate planned and your affairs in order, you will make your passing easier and less expensive for them.
Estate planning involves several different areas. Each is unique, and our attorneys can help guide you through each area.
Drafting a last will and testament lets you choose who inherits your assets after your passing, choose guardians for your children if they are minors at the time of your passing, and name an executor to ensure your wishes are carried out in the manner you want them to be. A last will and testament is the most crucial part of an estate plan. Seasoned Williamsburg estate planning attorneys can provide you with all of your options for what to include in your last will and testament.
A living will dictates what happens while you are still alive. Through a living will, you can decide the type of care you want if you need medical care and can’t make those decisions for yourself. For example, some people have strong religious beliefs about being resuscitated or receiving a blood transfusion. They can choose to note those in their living will.
A healthcare power of attorney addresses the same medical treatment issues. However, rather than putting your choices and preferences in a legal document, you name another person who will make those decisions for you if you can’t make them yourself. Usually, this person is a spouse, another family member, or a close friend.
By selecting a financial power of attorney, you choose a trusted agent who can act on your behalf. Instead of being in charge of healthcare decisions, this person will be in charge of your finances. For instance, you can provide them with specific access to accounts to help make sure your bills and mortgage stay current if you are unable to execute the payments yourself.
A trust lets you put aside money and other assets for named people or organizations (typically charities). Trust accounts aren’t subject to probate court. This is of benefit because probate court can be a lengthy and drawn-out legal process. With the help of a trust, your heirs will be able to inherit what you want them to, faster and without as much hassle. Your knowledgeable Williamsburg estate planning lawyers can help you establish a trust and discuss its benefits.
Estate planning can be mystifying and even somewhat daunting. At Mahoney & Richmond, PLLC, our experienced Williamsburg estate planning attorneys can walk you through everything you need to know about planning your estate. They can help you understand why this process is essential and the many different options you have in building your estate plan. To learn more about how we can help and schedule your estate planning consultation, contact us today.