Leesburg Estate Planning Process
An estate plan is a valuable way to secure your future legacy. However, creating the right plan can take time, energy, and working knowledge of local estate laws. The earlier you begin the estate planning process, the sooner you can gain the peace of mind that you are prepared for your future.
Before you move forward with a will, trust, or other estate planning device, there is substantial legal work that must be done. To ensure that your future plans and final wishes are respected, it is important you find the right Leesburg attorney who can help you through each step in the estate planning process.
Create a Financial Power of Attorney
Estate plans lay out arrangements for a person’s financial future in case the creator becomes disabled or incapacitated. While some plans can be made ahead of time, many financial decisions must be managed after an individual is unable to make them.
A power of attorney is a document that empowers a trusted individual with the legal authority to make financial decisions on behalf of an incapacitated person. This representative can ensure that one’s financial needs will be continually met in the future. While they do not have to be a practicing attorney, this person is referred to as an attorney-in-fact.
In addition to ensuring necessary bills are paid, a durable power of attorney could have control over the various financial aspects of a person’s life. Every power of attorney is different in the authority and discretion it outlines. A Leesburg attorney can help meet the needs of an individual estate plan and provide guidance on the following processes.
Set Out Health Care Directives
Outside of financial matters, there are important decisions to be made regarding a person’s health. Making a health care directive can ensure a person receives their preferred medical care even after they are no longer in a position to make decisions themselves.
One option for health care is to create a living will. This document can outline a person’s medical care for when they are incapacitated and outline their choices regarding difficult end-of-life decisions.
Another option is drafting a power of attorney for health care. Much like a financial attorney-in-fact, this document designates someone to make healthcare decisions for an incapacitated person.
Identify Beneficiaries
Estate planning may also involve a plan for distributing assets after a person passes. Before property can be received by beneficiaries, a representative must determine who will receive which assets. In many cases, assets are transferred to close family members. However, an estate plan could identify beneficiaries that are friends or even non-profit entities.
Create an Estate Planning Document with Professional Help
An estate planning document is the legal paperwork that ties the estate together. A last will and testament is the most traditional option. This could be as simple as designating a single person to receive every asset belonging to the estate. Wills can also be far more complex, divvying up various assets to dozens of beneficiaries. Wills are subject to probate and usually have to be validated by the courts.
A trust provides options outside of the probate process. There are many types of trust, but a revocable living trust is the closest in nature to a will. These trusts are established to provide for someone, such as a surviving spouse, during their lifetime before transferring to selected beneficiaries after their death.
Discuss Your Options with a Leesburg Estate Planning Attorney
One of the most important steps in the estate planning process is to consult with experienced legal counsel near you. There are many technical requirements for estate planning documents, and any minor error could render them void.
To ensure your future needs will be met and your final wishes honored, let a skilled Leesburg attorney guide you through the estate planning process.