An estate planning attorney can protect your family and assets.
No one likes to think about estate planning. This is understandable: People don’t want to consider their own mortality. But if you want to offer financial protection to your family and children, estate planning is essential. And this means that meeting with an estate attorney is also critical.
Everyone should consider an individualized estate plan.
You should have a simple, but important, goal when it comes to planning your estate: You want to ensure that your wealth — your estate — will go to your loved ones after you die. The best way to guarantee this is through proper estate planning.
Proper estate planning avoids risks and potential litigation.
A skilled estate attorney can help you compose a will or trust that spells out exactly what happens to your wealth after you die. Your wealth includes a wide range of items, everything from actual money to your home and your most prized possessions.
If you should die without planning the future of your estate, you run the risk of shorting your children, spouse and other loved ones. Maybe you’d like to use part of your wealth to make a large donation to an important charitable organization. If you don’t first meet with an estate attorney to draft a legally recognizable will, that donation might never get made.
Estate planning should consider the dynamics of your family or important relationships.
Estate planning, though, doesn’t only cover the distribution of your wealth. Depending on the age of your children, it might also spell out who will raise your sons and daughters should you die. If your children are still minors, you’ll need to spell out guardianship. What would happen to your children if both you and your spouse should pass away unexpectedly? With careful estatep planning, you won’t have to leave this crucial decision to chance.
Finally, with careful estate planning, and by working closely with an estate attorney, you can also decrease or eliminate the taxes that must be paid on your estate after you die. This, too, can relieve your loved ones of a financial burden.
You might not consider estate planning to be an enjoyable way to spend a day. But consider scheduling an appointment with an estate attorney today. It might be one of the most important steps you take to make sure that your loved ones are financially set after your death.
Law Office of Ryan C. Young, PLLC | Richmond, Virginia