Let’s face it; nobody relishes the task of creating their estate planning documents, that is, until they do and discover the amazing peace of mind that comes with knowing your loved ones wouldn’t face a lot of inexplicable issues when you’re gone…
Sitting down to prepare your trust and Last Will and Testament is not at the top of anyone’s “this is a fun thing to do" list so it's easy to procrastinate. Squarely addressing the prospect of your own mortality can be upsetting and the financial questions surrounding what and how to arrange for one’s heirs are disconcerting, however and this is surprising for some of my clients, once the process is completed, its come with a wonderful sense of accomplishment.
Whether you tell yourself there is still time or “I do not have enough assets to have an estate worthy of planning,” the excuses likely run much deeper. Perhaps you are intimidated by the process, by the concept of facing mortality, or the fact that you really need to involve (and pay) an attorney to help you.
Whatever the reason, even if you do not realize that there is a reason, the fact remains – you still need to do it and need to know how to do it right. Need some guidance because you do not know where to start? Fortunately, Forbes has stepped up with just the right article for you titled “What Baby Boomers Need To Know About Making Out A Will.”
You see, writing your estate planning documents is not just a set of decisions, but also a part of a comprehensive plan. As you think about what goes where, and to whom, you might come across other issues. The plan you create will not only affect you but the loved ones you leave behind as well. It easy to see why estate planning can be so much more than just a set of documents; it is so much more.
Be sure to engage competent and experienced legal counsel who has been there and done that. Best to know where the blind alleys are and which bridges are out before you begin your estate planning journey.
You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.
Reference: Forbes (January 23, 2014) “What Baby Boomers Need To Know About Making Out A Will”