If you substantial assets to be dispersed after your death, you probably have definite ideas about how you want the process handled. Many seniors however, put off formalizing their wishes. Others change their minds all the time or use assets as leverage to make heirs behave in a certain way. Experienced professionals have good advice when it comes to inheritance planning Virginia Beach retirees should heed.
You need to let your heirs know how you want assets divided or maintained after your death. The first thing you must do is sit down and make a complete list of everything you own. This includes everything from cash in the bank, stocks, and savings to real estate and personal possessions. You will probably be surprised at how much you actually have.
If you are one of those people who have put off making a will, now is the time to do it. You will probably need assistance from your family lawyer. Wills can always be changed. Once you have a complete inventory of your assets, changing an existing will may be necessary. You don't want to die intestate, meaning without a will. That will give the courts the right to decide who gets what.
You need to think ahead about who will care for you if you suffer a catastrophic illness or become incapacitated in some other way. You can't assume that your loved ones will be allowed to handle your affairs. The courts can step in and make decisions about your future unless you have given someone financial power of attorney. Filing an advance directive with the local hospital will give medical personnel directions about your final wishes.
It is a good idea to discuss with your attorney whether or not creating a trust is right for you. Creating a trust will help your heirs avoid probate and give them specific instructions for handling assets. You should consider a trust in situations where heirs may be minor children, have special needs, or be wasteful. Ongoing charitable donations and surviving pet accommodations can be addressed in a trust.
Most people die with some debt. The trust is required to pay off debtors, and pay any outstanding taxes, before distributing any assets. It is a very good idea to keep the trust liquid enough that your heirs won't be forced to sell assets in a depressed market. You can sit down with your estate lawyer and decide on the most appropriate ratio.
Estate planning is probably not something you can do on your own. You will need the services of a professional who is familiar with inheritance laws. You also need someone who has your best interests in mind when advising you.
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.
You need to let your heirs know how you want assets divided or maintained after your death. The first thing you must do is sit down and make a complete list of everything you own. This includes everything from cash in the bank, stocks, and savings to real estate and personal possessions. You will probably be surprised at how much you actually have.
If you are one of those people who have put off making a will, now is the time to do it. You will probably need assistance from your family lawyer. Wills can always be changed. Once you have a complete inventory of your assets, changing an existing will may be necessary. You don't want to die intestate, meaning without a will. That will give the courts the right to decide who gets what.
You need to think ahead about who will care for you if you suffer a catastrophic illness or become incapacitated in some other way. You can't assume that your loved ones will be allowed to handle your affairs. The courts can step in and make decisions about your future unless you have given someone financial power of attorney. Filing an advance directive with the local hospital will give medical personnel directions about your final wishes.
It is a good idea to discuss with your attorney whether or not creating a trust is right for you. Creating a trust will help your heirs avoid probate and give them specific instructions for handling assets. You should consider a trust in situations where heirs may be minor children, have special needs, or be wasteful. Ongoing charitable donations and surviving pet accommodations can be addressed in a trust.
Most people die with some debt. The trust is required to pay off debtors, and pay any outstanding taxes, before distributing any assets. It is a very good idea to keep the trust liquid enough that your heirs won't be forced to sell assets in a depressed market. You can sit down with your estate lawyer and decide on the most appropriate ratio.
Estate planning is probably not something you can do on your own. You will need the services of a professional who is familiar with inheritance laws. You also need someone who has your best interests in mind when advising you.
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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