Leesburg Estate Planning Attorneys
Estate planning is not a topic that the average person thinks much about. Not only is the topic often regarded as a bit morbid – after all, no one wants to think about what will happen to their estate after they die – but it is also a topic that many people believe is only applicable to the rich. However, nothing could be further from the truth; estate planning is beneficial to those with a variety of economic situations. If you have not yet planned what will become of your estate, seeking a consultation with a Leesburg estate planning attorney can help you to learn more about the process and its benefits.
What Is Estate Planning?
Estate planning can be thought of as the process of putting your affairs in order so that when the time comes, your family members know exactly what to do with your property and assets. This can ease the burden and stress that is commonly placed on surviving family members after a death.
The estate planning process is more than just creating a will. Some common estate planning issues include understanding:
- Retirement accounts;
- Beneficiaries on life insurance policies;
- The probate process;
- Intestate succession laws; and
- Power of attorney.
The above list is not inclusive; each person and each estate is unique, and may have questions about other facets of estate planning law.
The Benefits of Creating an Estate Plan
There are myriad benefits of creating an estate plan. Not only can, as stated above, an estate plan help loved ones know what to do upon your death, but an estate plan also provides you with the ability to decide what will happen to your assets and property after you are gone.
Creating an estate plan can also save on probate costs and time, which can be an extensive process in the absence of an estate plan. Further, creating an estate plan may help you (your estate) minimize tax consequences.
Very important for many people is having a trusted person on their side who can advocate for them in the event that they experience an accident or illness that leaves them unable to communicate for themselves. When this happens, a durable power of attorney allows another person to make important decisions on their behalf, including decisions about healthcare treatment.
Estate planning is not just for middle aged or elderly persons; anyone can be a victim of a fatal accident at any time. For young couples with children, an estate plan can be essential, and ensure that the children have the resources they need to be cared for in the event of the parents’ deaths. An estate plan can also be used to name a guardian for your minor children.
Discuss Your Family’s Future with a Leesburg Estate Planning Attorney Today
To learn more about the benefits of estate planning and why you should begin the process of planning for your estate today, meet with the experienced Leesburg estate planning attorneys of Whitbeck Cisneros McElroy PC today. You can schedule your first consultation with our lawyers by using our online form, or by calling our offices directly at 703-777-1795.