There are a variety of ways you can start planning for your financial future. One aspect you may be concerned about is how your assets will be protected throughout the process, and our Virginia estate planning team outlines how to do just that below.
One aspect of a last will and testament that most people understand is the ability to name who receives their property and assets when they pass away. Wills can also be used to make sure certain people do not receive any of your assets, such as a former spouse, or make sure each of your children gets their equal share.
Deciding Who Manages Your Estate
This decision alone is a great reason to create a will. When writing the will, you have the opportunity to name an individual to take care of your affairs when you pass away. This individual, known formally as the executor, has a number of responsibilities including things like:
- Closing bank accounts
- Liquidating assets
- Taking inventory
- Making sure your assets are distributed properly
If you do not name an executor, the court will appoint one for you, so making sure you have the proper individual in place is very important to keep your interests intact.
Wills Save Time, Resources, and Stress
If you do not have a will at the time of your passing, the court will name an administrator to manage your estate. Without clear instructions, the process can become lengthy, confusing, and highly expensive. Being proactive with a will can make for a smoother transition for your loved ones when the time comes.
Naming a Guardian For Your Children
Most parents have a keen interest in making sure their minor children are well taken care of should they pass away suddenly. Creating a will allows you to name a guardian for your minor children, if they do not have any surviving parents, to ensure there is someone ready to take care of their everyday needs and well-being.
Providing Funeral Instructions
Making plans for your own funeral may seem like a bleak idea, but it can be extremely helpful for your loved ones. These instructions are typically not legally binding, however, they do give your family and executor a place to start in regards to respecting your wishes.
Get in Touch with TrustBuilders Law Group Today
Establishing a will is one of the easiest ways to plan for and safeguard your family’s financial future, and the team at TrustBuilders Law Group is committed to making the process as simple and streamlined as possible.
If you would like to start planning for the future, but aren’t sure where to start, our seasoned estate planning team can help you every step of the way. Contact us through our website or give us a call at (757) 500-5135 today to schedule your consultation!