You expect a Virginia Estate Planning Attorney to say everyone needs an estate plan. We say that because it is to your benefit. And yet, far too many people do not have an estate plan in place to help secure their future.
· 1 out of 4 Americans without a will say nothing would motivate them to get one, and more than 40% say they won’t bother until their life is in danger.
· 2 out of 3 Americans do not have any estate planning documents.
· 40% of American adults say they don’t have a will because they haven’t gotten around to it.
· 33% of American adults say they don’t have a will because they don’t have enough assets to leave to someone.
· 13% of American adults say they don’t have a will because they believe writing one is too expensive.
· 12% of American adults say they don’t have a will because they don’t know how to write one.
Are you one of the people in these statistics without an estate plan? Here’s why you should start creating one now.
Ensure Your Wishes Are Carried Out
The components of your estate plan record your wishes for the future. Your will, trusts, powers of attorney, and healthcare directives spell out in detail what you desire to happen after you die. You can direct who is to receive specific assets, who will take care of your children or special needs loved ones, what you want and do not want regarding medical treatments, and who will make decisions for your health and property if you cannot do so.
Without an estate plan, the laws and courts of Virginia will make most of these decisions. Your loved ones will be left to decide if you want to be on life support to whether or not to revive you if your heart stops beating. The is potential for conflicts and misunderstandings that can rip your family apart because they have no legal record of your wishes.
Provide for Your Family
An estate plan outlines how you will look after your family’s interests after death. Instead of jumping through government hoops and enduring lengthy probate hassles about your assets, your estate plan can reduce the taxes and expenses your loved ones may owe and help them avoid legal complications.
You can create different trusts to create ongoing income for your spouse, family, or other beneficiaries and structure them so that more assets go where you want them instead of to the government or creditors or become lost in frivolous lawsuits. Plus, trust provisions are not public records, which protects your family’s privacy.
Leave a Lasting Legacy
Your estate plan is your chance to record for posterity who you are, what you value, and who you care about. It provides financial security, supports causes, passes on essential values, prepares for your memorial and burial, and leaves something tangible that your family can cherish forever. Your estate plan is your chance to express yourself to the fullest while you are still alive and thinking clearly.
Beginning now, you can create this legacy and update it frequently as significant life events cause shifts in your life and circumstances.
· Buying a home
· New career
· Starting a business
· Receiving an inheritance
· Buying a vacation home
· Buying rental property
· Gifts to charities
As life unfolds and reveals new benefits and challenges, you can reflect that in your estate plan so your family is protected and cared for in the future.
Start Young with Your Estate Plan
There is no better time than the present to get started on your estate plan. Beginning while you are young (or where you are now) gives you more time to prepare for an even better future for your loved ones. Promise Law offers a free virtual Estate Planning Workshop that provides vital information about getting started. Avoid serious mistakes and learn how estate planning can benefit you and your loved ones from one of our talented Virginia Estate Planning Attorneys.
Register now and enjoy this free workshop. It also entitles you to a free consultation with one of our estate planning attorneys. You are under no obligation. Register today and start paving the way for a more secure future.