When clients hear the term “estate planning,” they often think it does not apply to them. The word “estate” often conjures up something (a home, finances, etc) on a grand scale. However, estate planning covers everything from medical care when you are incapacitated to where assets will go when you are deceased.. Estate planning is for the benefit of loved ones left behind. Things to consider when planning your estate:
How would you like to dispose of personal items, such as photographs, heirlooms, sentimental pieces of jewelry, etc?
Do you have an accounting or listing of all your assets, from your mortgage to your insurance policies and any personal possessions?
Do you have a plan in place which allows someone to access your social networking accounts, respond to emails, conduct PIN-protected banking transactions, etc, if you are unable to do so?
Would you like to leave any items or a monetary amount to an organization which is meaningful to you?
What plans do you have for your pets if you become incapacitated?
Who will oversee your medical care and carryout your wishes?
Estate planning can be as simple as you need or as elaborate.
The elder law attorneys and estate planning lawyers at the Hook Law Center in Virgina Beach and Suffolk, help Virginia families with trust & estate administration, guardianships, long term care planning, special needs planning, veterans benefits, and more. Learn more at http://www.hooklawcenter.com/