Many distressful things happen when main breadwinners of families become incapacitated or pass away leaving nothing or hardly anything behind. Their families are left wondering where to get money for the education of the children, where the money for the mortgage and everyday expenses will come from. You do not want your family to suffer the same fate, so you must be doing everything to make sure that when you pass away, or in case you are incapacitated, they do not have to worry about anything.
Your preparation for the future of the family should not be limited to accumulating financial assets and property. You would not have failed to notice many occasions where families of the deceased or incapacitated have to deal with a lot of legal issues because is their loved one did not leave an estate plan. The loss is bad enough; the problem with how to deal with the estate makes it even worse.
Most things that you do and own in life are covered by laws, including status such marriage, and your possessions such as you home, land, business, bank deposits, etc? Deeds and titles signify legal ownership of property, but to transfer them to anybody you’d need to complete other sets of documents which you cannot do if you are physically and mentally incapacitated or have passed away.
You can avoid creating problems for your grieving family by hiring an estate planner to help you put affairs in order in a manner that makes it easy for your family to receive the property you leave behind. The planner will recommend to you that you establish a revocable living trust where you are the grantor, the trustee and beneficiary, giving you complete control of the trust while you are still healthy and active. If you get incapacitated the administrator you have appointed in your will assumes the administration of the trust and distribution in case you die.
A revocable living trust offers several benefits. You can use it to protect your assets and your family when you are incapacitated since you can appoint somebody you can appoint somebody you explicitly in case of incapacitation or death. The property in trust need not undergo a probate where a probate court can appoint who should take charge in the distribution of your assets. The privacy of your family is protected.
There are many lawyers specializing in estate planning. If you live in Virginia, you can choose from numerous law firms. You can find them by simply searching trust administration Loudoun County on the internet. You do not have to worry about making a mistake in your choice. In the websites of these firms, you can find everything you need to determine which of them you should consult.
You know of many occasions where the families of incapacitated or decreased breadwinners have to deal with legal issues because no will was made? You can spare your family the same problem by hiring an attorney who is expert in estate planning.