Do you want to be able to provide for your family after you are gone? If so, you should begin estate planning now so you are sure you cover every single detail before you pass on. Whether you want to provide for your family after your death or you just want to ensure that the process is as easy as possible for your family, estate planning is the easiest way to accomplish your goals.
“Estate planning is simply the fancy legal term for deciding what to do with your stuff after you are gone,” according to The Cheat Sheet article titled “A Beginner’s Guide to Estate Planning.” Although no one really likes to talk about dying and what will happen when they die, it’s important to start planning. You really want to start your estate planning now while you are still living (of course!) and in sound mental and physical health. Planning allows you to choose what happens to your assets and prized possessions instead of a relative, friend—or worse—the probate court. With some basic estate planning, you can ease the burden on your loved ones of dealing with your estate. If your estate is subject to taxes, The Cheat Sheet article stresses that a proper plan can help reduce or even eliminate these taxes.
After you pass away, your will is executed via the probate process. Probate includes the distribution of your assets to your heirs. Estate planning can be a much easier task with the help of an experienced estate attorney. After you read the original article, set up an appointment to cover the basics and the finer points of your specific circumstances.
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: The Cheat Sheet (March 3, 2015) “A Beginner’s Guide to Estate Planning”