Estate planning is important for everyone. Despite what you may think, nearly everyone has an estate, including, for example: a car, home, investments, checking and savings accounts, life insurance, personal possessions, and the like. Large or small, everyone has an estate. And, as we all know, you can’t take your estate with you when you die.
Estate planning is the process of preparing detailed instructions for how you want your estate to be handled after you die. Making the plan now will ensure that your wishes are carried out efficiently and in the manner that you desire. Estate planning can involve a variety of actions.
For example, your estate planning may include:
- Adopting living trusts or wills to help manage and dispose of your estate, and naming agents and instructions under advanced medical directives and powers of attorney to assist you with your health care and financial affairs while you are alive.
- Completing or updating beneficiary designations and otherwise aligning them with your plan.
- Securing insurance, such as disability income insurance, to replace your income if you can not work due to injury or illness, long term care insurance to help pay for your care during extended illness or injury, or life insurance to provide for your family.
- Arranging for the transfer of your business at your retirement, disability, incapacity, or death.
- Naming a guardian for your minor children (if any).
- Providing for family members with special needs while preserving their available benefits.
- Managing estate costs such as taxes, court and legal fees, and the like.
- Providing for loved ones who may be irresponsible with money, or may require protection from creditors, or in the event of divorce.
Estate Planning Lawyer Fairfax VA
Estate planning is not a ‘one and done’ deal – it is an ongoing process. You should review and update your plan as your family and financial situation changes over time, and whenever there are tax or other similar changes. It may seem complicated, but an experienced attorney can help you create your personal estate plan. To learn more about estate planning contact Cook, Craig & Francuzenko.
