Helping you establish a sound will, trust, advance healthcare directive, power of attorney and other important planning strategies
It’s easy to put off estate planning—after all, who wants to think about what will happen when we are no longer here? However, engaging in a comprehensive estate planning strategy is critically important as you plan for the future, giving you peace of mind that you will be able to distribute your assets and receive medical care exactly to your specifications. By working with a skilled Alexandria estate planning attorney at Speedwell Law, PLLC, you can preserve more of your wealth, minimize your tax obligations and establish a strong plan for the years ahead.
Offering a variety of estate planning tools for Alexandria families
No two estate plans are alike, and the tools and strategies you use depend on how much wealth you have, the types of assets you own and how you would like to provide those assets to your family members, friends and charitable organizations. An experienced Alexandria estate planning lawyer will deliver in-depth guidance on the following issues:
- Last will and testament: The most basic document in an estate plan, a will outlines how you would like to distribute your assets to your beneficiaries once you pass away. You will need to name an estate executor to oversee this distribution.
- Revocable Living Trusts: There are numerous types of revocable living trusts, and they can be either revocable or irrevocable in nature. Trusts are helpful for distributing assets to heirs, avoiding estate taxes and making contributions to charitable causes.
- Advance healthcare directives: Also known as a “living will,” an advance healthcare directive communicates your wishes related to the medical care you would and would not like to receive in certain circumstances. This provides direction to family members and physicians if you are no longer able to make decisions on your own due to incapacitation.
- Power of attorney: Through this arrangement, you give another party—known as an agent”—the ability to make certain financial decisions on your behalf if you are no longer able to due to an incapacitation or travel outside the country.
- Guardianships: If you have minor children, you may use your estate plan to outline who you would like to be their legal guardian if you and/or your spouse pass away unexpectedly. This can be a difficult decision and it’s important to choose a guardian you truly know and trust to take on this enormous role.
Why is estate planning so important for families in Alexandria, Virginia?
While some make the mistake of believing that estate planning is only necessary for extremely wealthy people, in reality it is also an important process for individuals and families with more modest levels of wealth. The following are some key benefits to setting up an estate plan of your own:
- Allows you to stipulate the individuals or charities you would like to receive certain assets and property you own
- Enables you to protect minor children and name a guardian to look over them if the worst should happen
- Prevent your estate (and your beneficiaries) from being subject to unnecessary taxes
- Offers clear direction to your loved ones, preventing conflict and eliminating any guesswork as to what you would have wanted
Consult with our experienced Alexandria estate planning attorney, Michael “Misha” Gill
To learn more about how you can establish a sound estate planning strategy for you and your loved ones, meet with an experienced attorney Michael “Misha” Gill of Speedwell Law, PLLC. From our office in Alexandria, we serve individuals and families throughout northern Virginia. For a free consultation, please call 703-520-2142 or contact us online today.