It’s Fall in Virginia! 3 Reasons Why It’s Time For Good Estate Planning
Estate planning is important, but what is even more important than just completing estate planning is ensuring you are doing it correctly! This fall we want to make sure that you are thinking about yourself and your family. This means that if you do not have an estate plan, it is time to be taking proactive steps to create one!
When creating an estate plan, you want to do it right the first time. This means getting the right, comprehensive Virginia estate planning documents for you and your loved ones. Where should you start? Let us share three key tips to fall into good estate planning:
1. Get the help you need.
Estate planning is not the easiest thing in the world to do. Don’t let what you perceive to be the complicated parts of estate planning allow you to fall into the trap of doing nothing. Instead, seek out the trusted legal advisor you need who can guide you to the right estate planning choices for you.
The key here is to not tackle this challenge alone. There is danger in do-it-yourself estate planning documents. Did you know that when there is one wrong or missing phrase, it can change the entire meaning of your intent? Not to mention invalidate your documents? Do the research you need to get the help you need right away.
2. Know how you want to safeguard your assets.
Understand the financial reasons as to why you need to create an estate plan. Start by determining important details such as your income and assets. Do you own property? Bank accounts? Take stock of where you are right now. Don’t leave details out or to chance. For example, if you own a business, then your estate plan will need to be sure to cover who you would like to take it over and how it should be managed or transferred if you are no longer here.
3. Communication is key!
Communication is key to creating a good estate plan. Communicate with your estate planning lawyer so that you may understand your options and what is being included within your estate.
During the estate planning process, you may name loved ones within your documents, giving them responsibility to make decisions if something were to happen to you. Prior to naming someone your child’s guardian or medical decision maker, communicate with them to make sure they are willing to take on the responsibility if the time were to come.
There is never a better time than the present to start planning. Make it your fall resolution to start and complete the planning you need for yourself and your family. Ready to start planning ahead? Let us know by sending us an email or calling us at +1 (757) 645-2849. We look forward to talking to you!