By most estimates, as many as 60% of Virginians do not have have an estate plan or even a basic will. Estate planning is an uncomfortable topic for most us but it is one we all need to address at some time. Unfortunately, many people wait too long before considering the impact of their passing on the lives of their loved ones. Everyone with any type of asset such as a car, home, bank account or collectibles, should look into the areas of estate planning available to them. If you have someone depending on you today, an estate plan will help them greatly tomorrow.
Estate planning is simply the advance planning of managing your assets, called your estate, in the event of incapacity or death. In recent decades it has taken on a broader meaning to include manage even your personal preference with regards to healthcare, living arrangements, etc.
Most of the time an estate plan is forward looking in the sense that the considerations are only for the estate owner. More recently, considerations for the care of minors, gifted children, and adult children are common elements of an estate plan. A well planned estate provides peace of mind and confidence for not only the estate owner, but also for the family in knowing that proper actions have been attended to, legally organized and prepared for execution when the time comes.
Many people think a last will and testament alone is an estate plan. Unfortunately, there are infinitely more considerations that may be brought into an estate plan including care for your surviving pets.
If you are considering putting your affairs in order please give us a call to assist in going over the exhaustive list of considerations to make sure you, your loved ones, and your future are protected.