Though it isn’t pleasant to think about dying or becoming very ill, it’s critical that you form a legally binding plan that describes how you want your finances, medical care, and various other concerns to be handled when you are unable to do so. Otherwise, people may not know or adhere to your wishes on these matters. Consider a few questions that may elucidate the process of estate planning.
Who Needs To Form an Estate Plan?
Wills & trusts Fairfax VA are necessary documents for practically every adult. Even if it doesn’t seem like you have a lot of assets to distribute, there may be a number of decisions to be made regarding your property, your children, and even yourself that are best handled now.
What Is Included in a Typical Plan?
Estate plans can cover a wide variety of topics and can be quite lengthy at times. For example, if you have children who are still minors, you must designate a future guardian for them. Additionally, you may wish to describe your wishes in terms of your own medical care or burial. You can even grant a specific person the authority to make important decisions on your behalf.
In terms of your financial assets, wills and trusts often go into great detail about where your money will go and who can control it. Bear in mind that these assets go far beyond the contents of your savings account; they include your house, car, life insurance policy, and investments.
How Do You Create a Plan?
Though working with a legal professional isn’t strictly required when forming your estate plan, it is often advisable because the process can be quite complex. Additionally, you may need guidance to understand your tax obligations and other legal concerns.
Making a plan for your estate may not be an enjoyable way to pass the time, but it is a necessary task that may benefit yourself, your family, your business partners, and even charitable causes you value. Be sure to consult an attorney to start the planning process right away.