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.
You need to let your heirs know how you want assets divided or maintained after your death. The first thing you must do is sit down and make a complete list of everything you own. This includes everything from cash in the bank, stocks, and savings to real estate and personal possessions. You will probably be surprised at how much you actually have.
If you are one of those people who have put off making a will, now is the time to do it. You will probably need assistance from your family lawyer. Wills can always be changed. Once you have a complete inventory of your assets, changing an existing will may be necessary. You don't want to die intestate, meaning without a will. That will give the courts the right to decide who gets what.
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.
For some individuals creating a trust makes sense. If you want to leave detailed instructions, not suited in a will, this might be the best way to go. When there are minor children involved or you are concerned about a family member with special needs getting continuing care, creating a trust can address those issues. Individuals who want to leave an ongoing legacy to a charitable foundation can do it through a trust.
Most people die with some debt. The trust is required to pay off debtors, and pay any outstanding taxes, before distributing any assets. It is a very good idea to keep the trust liquid enough that your heirs won't be forced to sell assets in a depressed market. You can sit down with your estate lawyer and decide on the most appropriate ratio.
It isn't a good idea to try and make these decisions on your own. You need a seasoned professional to draw up the documents, submit them to the courts, and retain them until after your death. This should be a person very familiar with inheritance laws.
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.
You need to let your heirs know how you want assets divided or maintained after your death. The first thing you must do is sit down and make a complete list of everything you own. This includes everything from cash in the bank, stocks, and savings to real estate and personal possessions. You will probably be surprised at how much you actually have.
If you are one of those people who have put off making a will, now is the time to do it. You will probably need assistance from your family lawyer. Wills can always be changed. Once you have a complete inventory of your assets, changing an existing will may be necessary. You don't want to die intestate, meaning without a will. That will give the courts the right to decide who gets what.
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.
For some individuals creating a trust makes sense. If you want to leave detailed instructions, not suited in a will, this might be the best way to go. When there are minor children involved or you are concerned about a family member with special needs getting continuing care, creating a trust can address those issues. Individuals who want to leave an ongoing legacy to a charitable foundation can do it through a trust.
Most people die with some debt. The trust is required to pay off debtors, and pay any outstanding taxes, before distributing any assets. It is a very good idea to keep the trust liquid enough that your heirs won't be forced to sell assets in a depressed market. You can sit down with your estate lawyer and decide on the most appropriate ratio.
It isn't a good idea to try and make these decisions on your own. You need a seasoned professional to draw up the documents, submit them to the courts, and retain them until after your death. This should be a person very familiar with inheritance laws.
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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