Chesapeake Estate Planning Lawyer
People often think that they do not need an estate plan. These individuals typically think that estate planning is only for those with a large estate or significant assets. However, this is not true. Even if you have a small fairly simple estate, you still need to plan for it. Estate planning involves more than just financial matters. Our Chesapeake estate planning lawyer can help with crisis planning, health care directives, and more.
Why is Estate Planning Important?
The importance of estate planning cannot be emphasized enough. Without a comprehensive estate plan, state law will determine how your assets are distributed after you pass away. This may not protect the assets you worked so hard for during your lifetime or reduce tax consequences. If you do not have a plan, things could become very costly for your beneficiaries after you pass away. Drafting an estate plan brings many benefits, including:
- Keep personal details confidential
- Protect your finances and health if you become incapacitated or disabled
- Significantly minimize tax consequences
- Keep the current lifestyle you enjoy
- Ensure your end-of-life wishes are known
- Protect your assets for you and your loved ones in the future
- Guide your heirs through the probate process
- Create the legacy you want to leave behind
Estate Planning Services We Offer
There are many important elements of estate planning. The services we offer are as follows:
- Wills: Last will and testaments often serve as the foundation of estate plans. Your will can outline how you want your assets distributed after your death, name a guardian for your minor children, and designate a personal representative for the estate.
- Revocable living trusts: A trust is a legal document into which you place property. You can manage the property within the trust during your lifetime and after you pass away, it is then distributed to the beneficiaries.
- Irrevocable trusts: Unlike a revocable trust, you cannot change an irrevocable trust, unless there has been a significant change.
- Powers of attorney: A power of attorney gives someone else the authority to make financial decisions on your behalf in the event you ever become incapacitated.
- Health care directives: Like a power of attorney, a health care directive allows someone else to make medical decisions on your behalf if you cannot make them for yourself.
- HIPAA authorization: A HIPAA authorization grants someone the right to access your medical records, which can help them make difficult decisions.
- Gifting: By gifting heirs you can minimize potential estate size as well as estate taxes.
Call Our Estate Planning Lawyer in Chesapeake Today
Estate planning can be very complicated and if it is not done properly, it may not provide the protection you had intended. At The Law Office of Angela N. Manz, our Chesapeake estate planning lawyer can advise you of your options and help you create a comprehensive plan for you and your family. Call us now at 757-271-6275 or fill out our online form to schedule a consultation and to get the legal help you need.
