Estate planning is the process of proactively arranging for the disposal and allocation of a person’s assets (estate) before death. Additionally, estate planning encompasses areas of advanced medical directives and financial powers of attorney should a person become mentally or physically incapacitated. The general goal of estate planning is to mitigate uncertainties involved with the administration of an estate and to maximize the retained estate value through the process. The specific goal(s) in estate planning are based on fulfilling the wishes of the estate owner when they no longer have the ability to relay their desires. Proper estate planning is designed to ensure the protection of the estate owner and their beneficiaries in any circumstance.
There are typically several people involved in proper estate planning. Whether you are thinking about making plans for yourself or assisting a family member, take the time to choose the right team to walk you through the process. At McCarthy Law, PLLC, our goal is to get down to the details and protect our clients from every possible negative situation. As the saying goes, “Those who fail to plan, plan to fail.” Making calculated strategies and informed decisions allows our clients, families, and friends to “Plan To Succeed.”
If you need help planning a will, trust or estate document, please contact our firm today online or by calling 703-237-3777.
Wills and trusts are vital tools in proper estate planning. A will is a written statement that allows a person to direct how they want their estate to be distributed upon their death. A trust is a relationship in which one party, known as a settlor, allows another party, known as the trustee, to hold title to the assets and property for the express benefit of a third party or beneficiary. A trust document guides the trustee and defines how they will manage the trust property.
The biggest reason people don’t take the time to put estate planning documents into place is simple: procrastination. Whether it’s the general fear of dealing with issues surrounding death or simply “not getting around to it”, the main reason these documents are not put in place is many feel that they have plenty of time to get it done. The truth is that no one can predict when they will need a clearly defined plan to protect their family and beneficiaries. Drafting a simple will is a relatively easy process that is neither costly nor time consuming. A trust, while being more arduous to set up, does have the benefits of greater flexibility, reduction of probate, and greater overall protection. The first and most important step in the process is to work with a professional to assess what your particular situation needs and what the best strategy to address it is.
Many times people are confused as to whether or not they should have a will or trust. The bottom line is that trusts offer more flexibility and security in multiple areas, but depending on the assets to be managed a trust may not be necessary. Here are a few questions that should be considered when deciding what is right for you:
The dedicated and experienced team at McCarthy Law, PLLC is here to walk you through the process of planning your estate. We have the experience and expertise to help you make proper and informed decisions in order to protect what you have worked for. Making informed decisions for your future should not be done without an advocate willing to put in the effort to get things done right. Call us today to schedule a consultation and help make the future of your family as secure as you have always wanted it to be.
Please contact us or call 703-237-3777 to schedule your initial consultation with an experienced Virginia attorney. We are here to help you and your loved ones.