An estate is the actual property owned solely or jointly by an individual prior to its distribution either through a will or through trusts. It consists of the real property, which includes real estate, as well as personal property which includes household items, personal vehicles, stocks and bank accounts. Estate planning is therefore the process by which a family or an individual makes the relevant arrangements regarding the transfer of assets prior to their death. It is aimed at preserving the maximum possible amount of wealth for the intended heirs, and whose major concern is navigating around the federal and the state tax law. Two of the most common ways through which people dispose their wealth is through wills and trusts. Unlike the will, trusts bear the absolute advantage of avoiding the probate process, a lengthy legal process of distributing deceased assets. At Lorren T. Johnson, we have a team of dedicated lawyers with the relevant experience to effectively handle all your estate planning needs.
Why Estate Planning
Through estate planning, you can immensely simplify the process of wealth distribution, and by far and large it aids in;
establishing the persons to whom the assets will be distributed to in case of death. This serves as a primary objective of the estate planning process.
Determining the manner in which one’s assets will be managed and by whom. It seeks to clarify the person to manage your wealth during your lifetime, if by any chance you ever became unable to manage it by yourself
It additionally declares under what circumstances the assets should be distributed after one’s death. It also seeks to clarify the manner in which you personal care and other health care decisions will be executed and carried out if you ever became unable to cater for yourself
To this end, it is an essential process to undertake, as it ensures your wellbeing in later days as well as eliminates wrangles that may befall the transfer of your wealth.
Who Requires Estate Planning Attorneys
Frankly speaking, everyone with some assets to their name requires the services of an estate planning attorney. It is important to designate a trusted or deserving person to manage your wealth as well as cater for your health care, if at any time during your lifetime you are unable to perform either or both of the tasks. If you have few assets, you can primarily concern yourself with the distribution, and any debt clearance clarifications. An estate planning attorney will come in handy in offering you the necessary advice regarding the best ways to preserve your wealth so as to maximally benefit the intended beneficiaries. Moreover, the attorney will aid largely in reducing the amount of estate tax that is payable after death.
Your estate’s overall value is equated in accordance to the prevailing market value and determining the overall value is vital, as it aids in clarifying whether it will be subject to estate tax and if heirs are exempted from capital gains taxes. Make that crucial long term planning step and visit Lorren T. Johnson in Virginia and get an experienced estate plannning attorney advice you on how best to handle your assets.
Trust and Estate Planning Attorneys Virginia 