Estate planning is an extremely important process. It is the preservation and distribution of your assets while you’re living and upon death. Estate planning will help ease the process of the managing your legal and financial affairs, as well as minimize taxes if your estate is taxable. The actual “estate plan” is the way that your estate is transferred to your family and loved ones after death. Your estate planning may include:
- Revocable living trusts
- Last Will and Testament
- Lifetime gifting
- Joint ownership
- Life estates
- Beneficiary designations
When you fail to plan your estate, a variety of issues can arise that can cause an unnecessary burden for your loved ones. Through estate planning, all of your financial and legal matters will be clearly defined so that there are no “gray areas” or confusion about how you want your assets to be distributed.
Estate Planning can help you avoid probate
One of the main reasons for estate planning is to avoid probate. Probate is a court-supervised public proceeding where assets are transferred from the person who has passed, to their living beneficiaries. Probate is also where any creditors may claim any debts that they believe the deceased owed. Probate can be lengthy, expensive, and stressful.
When your estate is properly planned, there are techniques that can be used to help you avoid probate.
Trusted Estate Planning in Fairfax VA
We help prepare all of the necessary documents, address issues regarding guardianship or inheritance, and provide comprehensive estate planning services. By taking a thorough and complete look at your estate, we are able to use our experience and knowledge to guide executors and heirs through the entire estate administration process.
Whether you are in the beginning stages, or have already taken steps to start planning your estate, we are here to assist you. Let us help you protect your estate and the people you care about the most.
For more information about estate planning and its benefits, view our Estate Planning FAQ.