Estate Planning And You
Have you reviewed some of the legal documents you need for estate planning? Is it a confusing mess, and you don't know where to start? There are thousands, if not millions, of Americans that put off dealing with estate planning. They may get some paperwork together or start the process but can't quite cross the finish line. Though this is entirely normal, it isn't helping their cause, nor is it getting anything accomplished. Putting off creating wills, trusts, and other legal documents will do you no good. Instead, you should consider estate planning sooner, rather than later, and often instead of seldom.
Do You Need To Plan?
"Life moves pretty fast. If you don't stop and look around once in a while, you could miss it." Taken from Ferris Bueller's Day Off, it couldn't be more accurate. Though how does this pertain to estate planning? Life does move fast. In a blink of an eye, it can be over. For this reason, you should always be thinking about your next move, living life, and planning for the next phase.
Almost everyone can benefit from estate planning. It doesn't matter if you have only a few thousand in the bank or a car and some jewelry; estate planning goes further than asset distribution.
Types Of Legal Documents
There are numerous types of legal documents that are created in the estate planning process. Some of the most familiar ones you've probably heard of are revocable trusts, wills, power of attorney, and a healthcare directive. Not everyone will utilize each of these, but it's a good idea to review what they do and how they would relate to your unique situation.
Wills, for example, simply layout asset distribution to lesson fighting and cost during the probate process. They don't allow you to skip over probate court. On the other hand, trust can bypass probate court and allow individuals to get property and money sooner without having issues of fighting. With healthcare directives and power of attorneys, you can designate somebody to handle your end of life care and decision making.
When To Consult With An Attorney
Everyone's situation is different. After all, not everyone has grandma's China they would like to leave to their 2nd cousin, twice removed. If you're still feeling lost when it comes to estate planning Virginia, now would be a good time to talk to an attorney about your options. They can not only answer your questions but can draft the exact legal documents you need to settle your final wishes.