Answering Your Estate Planning Questions
Planning your estate can seem complicated. You have spent your life working for your assets, and you have a wide variety of them. You might think that your family will automatically receive everything that is yours. However, your home, belongings, vacation property, vehicles and more all need to be distributed after you pass away.
At Northern Valley Law, our team includes experienced estate planning attorneys. We are able to answer any question you may have concerning your estate and how best to protect it. Some common questions we receive and their answers are listed below.
Why should I use an attorney to do my estate plan? .
Creating a plan is more complicated than just outlining who gets what. Your estate will be subject to tax that can deeply cut into what your heirs will receive. Your family may also have to go through legal processes to receive their inheritance if the plan is not created correctly. An experienced estate planning lawyer can make a plan that you know will work, and will protect your estate from tax where possible.
What comes with an estate plan?.
What comprises a complete estate plan varies by your situation. In some cases, you may need just a simple will. More complicated estates may require trusts or other types of arrangements. Your attorney will evaluate your situation and outline what is best for you.
When is the right time to plan an estate?.
The earlier, the better. Especially if you have children, it is important to have some plan in place to protect them and set a guardian in the event of your incapacitation or death. Also, people often think that if they are married, their spouse will automatically have the information and permissions needed to take everything. That is not true in every case: you must sign documents giving them those permissions.
When do I need to update my estate plan?.
It is worthwhile to re-examine your estate plan every few years. Your estate changes, tax law changes and your estate plan may need to change as well.
Get Your Questions Answered
Call our Front Royal office at 540-227-0069 to speak with an attorney regarding your exact situation. You can also reach out through our online contact form and we will respond as promptly as possible.