Roanoke Estate Planning Attorney
Some people mistakenly think estate planning is only for when you get older or have amassed a lot of wealth. The truth is you should start looking into estate planning as early as possible. Estate planning is more than drafting a will. You may want health care directives, a power of attorney, set up a trust, and more. These are just a few of the tasks that a Roanoke estate planning attorney can help with in Virginia. To learn more, contact the skilled legal team at MichieHamlett today to schedule an initial consultation.
Importance of Roanoke Estate Planning
There are numerous benefits to starting a Roanoke estate plan now. For one, estate planning allows you to decide which people and/or charities you want to give assets to when you die. Another significant benefit is the ability to protect your minor children should you have any. Estate planning can also save your family money and provide some protection against unnecessary taxes. Lastly, estate planning and also minimize disputes between family members when it comes to who gets what.
Common Virginia Estate Planning Tools
No two people’s situations are the same, nor are their estate plans. That means the tools and strategies needed will vary from person to person. That is one reason why meeting with an experienced Roanoke estate planning attorney is so essential. Some of the more common estate planning tools we can assist with include:
- Last Will and Testament: The will is the most common document in someone’s estate plan. It will outline how you want to distribute your assets to each of your beneficiaries upon your death. You will also need to name an executor, or personal representative, who will oversee the distribution, which is known as probate.
- Revocable Living Trusts: Another popular estate planning tool is a revocable living trust. Living trusts can either be revocable or irrevocable. As the names suggest, a revocable trust you can make changes to while an irrevocable trust cannot be changed. Trusts are a desirable estate planning tool as they can help avoid probate and estate taxes in some cases.
- Power of Attorney: A power of attorney is where you give another person the specific authority to make financial and or legal decisions on your behalf in the event you are incapacitated or unable to do so.
- Advance Healthcare Directives: You may hear an advance healthcare directive referred to as a “living will.” This document communicates what your wishes are regarding healthcare decisions, such as the end of life-saving measures. If you cannot make decisions on your own due to illness or incapacitation, your living will could apply.
- Guardianship: Do you have minor children? If so, you likely want to name someone to be their legal guardian should something happen to both of you. Don’t assume that because you are young, nothing will happen to you. You could both be in an accident, and then what? Setting up a guardian is a necessary step, but it’s imperative you choose someone you truly trust and know is capable of taking on such a crucial role.
Contact a Roanoke Estate Planning Attorney
If you need assistance with an estate plan in Virginia, let the skilled Roanoke estate planning lawyers at MichieHamlett help. Contact our office today to schedule an initial consultation. Let us help build a comprehensive estate plan.