Have you considered speaking with an estate planning lawyer Abingdon VA trusts about your future, and the future of your family? Have you prepared for the distribution of your assets and wealth upon your incapacitation or death? Although it might be an uncomfortable subject, it is a reality an Abingdon VA estate planning lawyer will recommend that you face. By doing so, you could save your loved ones a great deal of time, stress, and money. Furthermore, you can feel peace of mind in knowing that everything is in place exactly as you want it.
Most people can benefit from having an estate plan in place, but many don’t realize the reasoning and advantages to creating one. At the Law Offices of Mark T. Hurt, you will discover experienced estate planning lawyers who can help you to secure your wishes in a comprehensive, legal estate plan. Guided by our many years of experience, we understand the laws, rules, and tax matters that apply to estates. If you would like to learn more, please call us now at 276-623-0808.
Estate Planning FAQs
We frequently receive calls from people who are looking for more information about estate planning. Many choose to talk to us in more detail during a free consultation. To have your questions answered by an experienced estate planning lawyer Abingdon VA prefers, please call 276-623-0808.
What estate planning documents should I have in place?
There are a number of legal documents that can be included in an estate plan. Often, what you need will depend on your financial and family circumstances. However, in general, you will want your estate plan to be as comprehensive as possible. This means you should consider including the following:
- Revocable Trust. Similar to a will, a revocable trust provides for the management and distribution of your assets upon your death. There are many benefits to a revocable trust over a will. For instance, this estate document will allow you to transfer assets to beneficiaries immediately without having them go through the probate process. A revocable trust can also include details on how to manage your affairs should you ever become incapacitated. Including this could help you avoid any issues with someone seeking guardianship over you. Usually your spouse is the trustee of this legal document, but you can name anyone you wish. As an estate planning lawyer Abingdon VA regularly consult will tell you, one of the greatest benefits to a revocable trust is that you can save money and time in the long run and the distribution of your assets will remain private, unlike with a will, which is public.
- Financial Power of Attorney. This names a person to conduct financial affairs on your behalf in the event you become incapacitated. Without this, someone may be required to go to court to seek guardianship, which is a costly and time-consuming process.
- Living Will. A living will is a legal document that outlines your wishes for medical treatment in case you become terminally ill, permanently unconscious, or unable to make decisions about your care.
- Beneficiary Designations. This document will address certain types of assets such as IRAs, 401ks, retirement accounts, and life insurance.
- Pour Over Will. If minor children are involved in your estate planning, a pour over will may be necessary. The primary function of this is to name and nominate a guardian, as well as to name an executor who can transfer your assets to a trust of the minor child. These can be distributed accordingly.
Working With an Estate Planning Lawyer Abingdon VA Recommends
There might be additional documents that should be included in your comprehensive estate plan. An estate planning lawyer in Abingdon VA can discuss your personal situation and let you know what would be most suitable to your needs. To find out more, please schedule a consultation with an estate planning lawyer Abingdon VA residents rely upon at the Law Offices of Mark T. Hurt, by calling 276-623-0808.