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 don't already have a will, you need to make an appointment with your family attorney and get one on record. You can always make changes. If you already have a written will, after you have inventoried your assets, you may want to add to it. Without a valid will, the court may decide how to divide your possessions after you are gone.
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.
The best idea is to handle these issues while you are healthy and in a stable state of mind. You never know when something unexpected will happen that limits your ability to make your own decisions. You and your heirs deserve to have your wishes carried out.
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 don't already have a will, you need to make an appointment with your family attorney and get one on record. You can always make changes. If you already have a written will, after you have inventoried your assets, you may want to add to it. Without a valid will, the court may decide how to divide your possessions after you are gone.
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.
The best idea is to handle these issues while you are healthy and in a stable state of mind. You never know when something unexpected will happen that limits your ability to make your own decisions. You and your heirs deserve to have your wishes carried out.
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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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