A lot of people don't even think about how they want their assets distributed until they have retired. This is something that is often put on the back burner. Making a will and recording it is too often put off. Seniors need to make the inheritance planning Virginia Beach estate lawyers specialize in a priority.
You need to let your heirs know how you want assets divided or maintained after your death. The first thing you must do is sit down and make a complete list of everything you own. This includes everything from cash in the bank, stocks, and savings to real estate and personal possessions. You will probably be surprised at how much you actually have.
Most individuals with considerable assets have wills, but in case you don't, you need to call your family lawyer and get one drawn up. Wills can always be amended. After inventorying your assets, you might decide to do just that. If you die intestate, meaning without the discovery of a will, the courts will be the ones to decide how your estate will be divided.
In the case of catastrophic physical or mental illness, you can't just assume your loved ones will have the right to handle your affairs on your behalf. Unless there are written instructions, the court will have the power to decide who makes decisions for you. You must give someone financial power of attorney if you become incapacitated. You will also need to have an advance directive that outlines how you want medical decisions made.
Depending on your situation, it might be a good idea to have a trust in place. Your heirs can avoid probate, and you can give them specific directions that can't be included in a will. Establishing a trust will help you designate assets to address particular situations like special pet accommodations and ongoing charitable donations. You can control how minor children and immature and special needs individuals are cared for and how and when they will receive their inheritances.
If all of your wealth is tied up in tangible assets, your heirs may be forced to sell some of them in order to pay off debt and outstanding taxes. The market may not be right for the sale, but they will have no choice. That is why estate lawyers suggest individuals have some liquidity in their estates. The cash will provide a way for heirs to eliminate your debt and still keep the assets intact.
In the event you don't already have a family or estate attorney to assist with these decisions, you need to find one who is experienced and trustworthy. There are legal and tax issues to be considered. You will need someone who is familiar with the changing federal rules and regulations to ensure your heirs receive their maximum benefits.
Planning for the future is not just a good idea for the young. Seniors need to decide how they want their assets handled after they are gone. The more detailed your instructions, the easier it will be for your heirs to follow your last wishes.
You need to let your heirs know how you want assets divided or maintained after your death. The first thing you must do is sit down and make a complete list of everything you own. This includes everything from cash in the bank, stocks, and savings to real estate and personal possessions. You will probably be surprised at how much you actually have.
Most individuals with considerable assets have wills, but in case you don't, you need to call your family lawyer and get one drawn up. Wills can always be amended. After inventorying your assets, you might decide to do just that. If you die intestate, meaning without the discovery of a will, the courts will be the ones to decide how your estate will be divided.
In the case of catastrophic physical or mental illness, you can't just assume your loved ones will have the right to handle your affairs on your behalf. Unless there are written instructions, the court will have the power to decide who makes decisions for you. You must give someone financial power of attorney if you become incapacitated. You will also need to have an advance directive that outlines how you want medical decisions made.
Depending on your situation, it might be a good idea to have a trust in place. Your heirs can avoid probate, and you can give them specific directions that can't be included in a will. Establishing a trust will help you designate assets to address particular situations like special pet accommodations and ongoing charitable donations. You can control how minor children and immature and special needs individuals are cared for and how and when they will receive their inheritances.
If all of your wealth is tied up in tangible assets, your heirs may be forced to sell some of them in order to pay off debt and outstanding taxes. The market may not be right for the sale, but they will have no choice. That is why estate lawyers suggest individuals have some liquidity in their estates. The cash will provide a way for heirs to eliminate your debt and still keep the assets intact.
In the event you don't already have a family or estate attorney to assist with these decisions, you need to find one who is experienced and trustworthy. There are legal and tax issues to be considered. You will need someone who is familiar with the changing federal rules and regulations to ensure your heirs receive their maximum benefits.
Planning for the future is not just a good idea for the young. Seniors need to decide how they want their assets handled after they are gone. The more detailed your instructions, the easier it will be for your heirs to follow your last wishes.
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You can find an overview of the benefits you get when you use inheritance planning Virginia Beach services at http://www.lifetransitionsplanningllc.com right now.
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