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.
If you don't want to leave the allocation of your assets up to your heirs, you have to make plans now. Sitting down and making a list of everything you have is a good first step. This list must be comprehensive and include not only cash, stocks, and real estate, but personal property like vehicles, furniture, artwork, and jewelry. Most people are shocked at how much they really own.
If you don't already have a will, you need to make an appointment with your family attorney and get one on record. You can always make changes. If you already have a written will, after you have inventoried your assets, you may want to add to it. Without a valid will, the court may decide how to divide your possessions after you are gone.
In the case of catastrophic physical or mental illness, you can't just assume your loved ones will have the right to handle your affairs on your behalf. Unless there are written instructions, the court will have the power to decide who makes decisions for you. You must give someone financial power of attorney if you become incapacitated. You will also need to have an advance directive that outlines how you want medical decisions made.
Depending on your situation, it might be a good idea to have a trust in place. Your heirs can avoid probate, and you can give them specific directions that can't be included in a will. Establishing a trust will help you designate assets to address particular situations like special pet accommodations and ongoing charitable donations. You can control how minor children and immature and special needs individuals are cared for and how and when they will receive their inheritances.
If all of your wealth is tied up in tangible assets, your heirs may be forced to sell some of them in order to pay off debt and outstanding taxes. The market may not be right for the sale, but they will have no choice. That is why estate lawyers suggest individuals have some liquidity in their estates. The cash will provide a way for heirs to eliminate your debt and still keep the assets intact.
In the event you don't already have a family or estate attorney to assist with these decisions, you need to find one who is experienced and trustworthy. There are legal and tax issues to be considered. You will need someone who is familiar with the changing federal rules and regulations to ensure your heirs receive their maximum benefits.
Planning for the future is not just a good idea for the young. Seniors need to decide how they want their assets handled after they are gone. The more detailed your instructions, the easier it will be for your heirs to follow your last wishes.
If you don't want to leave the allocation of your assets up to your heirs, you have to make plans now. Sitting down and making a list of everything you have is a good first step. This list must be comprehensive and include not only cash, stocks, and real estate, but personal property like vehicles, furniture, artwork, and jewelry. Most people are shocked at how much they really own.
If you don't already have a will, you need to make an appointment with your family attorney and get one on record. You can always make changes. If you already have a written will, after you have inventoried your assets, you may want to add to it. Without a valid will, the court may decide how to divide your possessions after you are gone.
In the case of catastrophic physical or mental illness, you can't just assume your loved ones will have the right to handle your affairs on your behalf. Unless there are written instructions, the court will have the power to decide who makes decisions for you. You must give someone financial power of attorney if you become incapacitated. You will also need to have an advance directive that outlines how you want medical decisions made.
Depending on your situation, it might be a good idea to have a trust in place. Your heirs can avoid probate, and you can give them specific directions that can't be included in a will. Establishing a trust will help you designate assets to address particular situations like special pet accommodations and ongoing charitable donations. You can control how minor children and immature and special needs individuals are cared for and how and when they will receive their inheritances.
If all of your wealth is tied up in tangible assets, your heirs may be forced to sell some of them in order to pay off debt and outstanding taxes. The market may not be right for the sale, but they will have no choice. That is why estate lawyers suggest individuals have some liquidity in their estates. The cash will provide a way for heirs to eliminate your debt and still keep the assets intact.
In the event you don't already have a family or estate attorney to assist with these decisions, you need to find one who is experienced and trustworthy. There are legal and tax issues to be considered. You will need someone who is familiar with the changing federal rules and regulations to ensure your heirs receive their maximum benefits.
Planning for the future is not just a good idea for the young. Seniors need to decide how they want their assets handled after they are gone. The more detailed your instructions, the easier it will be for your heirs to follow your last wishes.
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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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