Richmond Estate Planning Attorney
Less than half the population has any type of estate plan; even among people aged 55 or older, the majority do not have an estate plan according to Caring, which is an alarming statistic given the importance of creating a will, at the very least. Whether you need to update your will, discuss tax saving measures, learn about advance care directives, or create an entire estate plan, our Richmond estate planning attorneys at MichieHamlett are here to assist you.
What Should My Estate Plan Include?
- Simple Will—Every estate plan needs a will. A will is the most basic, yet most important, aspect of an estate plan. It names beneficiaries, directs to whom property and personal belongings should go to, and lays out directions for burial / cremation and funeral wishes. You should review and update your will about every five years, or whenever you have a major life event such as a death in the family, marriage, birth of a child, divorce, or a major change in finances.
- Various Trusts—There are dozens of different types of trusts that may benefit your estate when it comes to taxes. However, avoiding excessive taxation is not the only reason for the creation of trusts. Trust can be used to assist minor or adult children with disabilities, specifically direct how assets can be used (for college, for example), protect your assets from lawsuits, and much more.
- Long Term Care Planning—Long term care planning may involve spending down your estate, creating a Medicaid trust, or other methods such as purchasing long term care insurance when you are still relatively young.
- Durable Power of Attorney—A durable power of attorney allows another party to make decisions on your behalf regarding your finances, real estate, and more should you become incapable of making those decisions yourself due to a physical or mental incapacitation.
- Living Will or Advance Directive—An advance directive or a living will is a document that describes the type of medical treatment you desire if you become incapacitated. According to the Mayo Clinic, important topics in a living will include end of life measures such as tube feeding, CPR, ventilation, dialysis, comfort care, organ and tissue donation, and donation of your body.
- Medical Power of Attorney—A medical power of attorney gives another person the authority to make those decisions for you.
- Guardianship for Minor Children—Anyone with minor children needs to name guardians in the event that you or the other parent pass away. You should have this discussion with the potential guardians before they are named in your estate plan.
Call Our Richmond Estate Planning Attorneys Today
Planning for the inevitable may not be at the top of your list of enjoyable endeavors, but it is important nonetheless. Remember, an estate plan is not necessarily for you; it is for those you love who are left behind after you pass away. To get started now, call our Richmond estate planning attorneys at MichieHamlett today to schedule a free consultation.