Tips For Inheritance Planning Virginia Beach Estate Lawyers Offer Seniors Free Of Charge
| 01:38:00 |
When people get older they start to realize they may not have all the time in the world to make important decisions. There is always the issue of how to disburse assets. Most people know they should have a will drawn up early in life, but many put it off. Estate attorneys have tips for common sense inheritance planning Virginia Beach seniors should consider.
If you are just starting this process, you should make a comprehensive list of all your possessions. These aren't just the major assets you own. This needs to be a listing of everything from real estate, stocks, artwork, and cash to furniture, vehicles, jewelry, and designer clothing. Your list will probably be much longer than you expected.
If you are one of those people who have put off making a will, now is the time to do it. You will probably need assistance from your family lawyer. Wills can always be changed. Once you have a complete inventory of your assets, changing an existing will may be necessary. You don't want to die intestate, meaning without a will. That will give the courts the right to decide who gets what.
You never know when you will suffer a catastrophic illness or accident that leaves you incapacitated. It may surprise you to learn that your loved ones may not be allowed to handle your affairs. The court can appoint a guardian for you. To keep that from happening, you must appoint someone to have financial power of attorney. You need to fill out and have an advance directive notarized. This will tell medical professionals what to do, or not do, for you medically.
It is a good idea to discuss with your attorney whether or not creating a trust is right for you. Creating a trust will help your heirs avoid probate and give them specific instructions for handling assets. You should consider a trust in situations where heirs may be minor children, have special needs, or be wasteful. Ongoing charitable donations and surviving pet accommodations can be addressed in a trust.
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.
It isn't a good idea to try and make these decisions on your own. You need a seasoned professional to draw up the documents, submit them to the courts, and retain them until after your death. This should be a person very familiar with inheritance laws.
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.
If you are just starting this process, you should make a comprehensive list of all your possessions. These aren't just the major assets you own. This needs to be a listing of everything from real estate, stocks, artwork, and cash to furniture, vehicles, jewelry, and designer clothing. Your list will probably be much longer than you expected.
If you are one of those people who have put off making a will, now is the time to do it. You will probably need assistance from your family lawyer. Wills can always be changed. Once you have a complete inventory of your assets, changing an existing will may be necessary. You don't want to die intestate, meaning without a will. That will give the courts the right to decide who gets what.
You never know when you will suffer a catastrophic illness or accident that leaves you incapacitated. It may surprise you to learn that your loved ones may not be allowed to handle your affairs. The court can appoint a guardian for you. To keep that from happening, you must appoint someone to have financial power of attorney. You need to fill out and have an advance directive notarized. This will tell medical professionals what to do, or not do, for you medically.
It is a good idea to discuss with your attorney whether or not creating a trust is right for you. Creating a trust will help your heirs avoid probate and give them specific instructions for handling assets. You should consider a trust in situations where heirs may be minor children, have special needs, or be wasteful. Ongoing charitable donations and surviving pet accommodations can be addressed in a trust.
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.
It isn't a good idea to try and make these decisions on your own. You need a seasoned professional to draw up the documents, submit them to the courts, and retain them until after your death. This should be a person very familiar with inheritance laws.
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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