At Pedersen Law, PLLC, our team of estate planning lawyers is here to help you create the right documents to protect your assets and ensure your wishes are followed.
Planning your estate may seem like a big task, but it's important to make sure your loved ones are taken care of after you're gone. At Pedersen Law, PLLC, our team of Williamsburg estate planning lawyers is here to help you create the right documents to protect your assets and ensure your wishes are followed.
A will is the most important part of any estate plan. It lets you decide how your assets, like money and property, will be divided after you pass away.
Example: Let’s say John, a father of two, wants his house to go to his children equally. In his will, he can specify that the house be sold and the proceeds split between them. If he didn’t have a will, the court would decide how to distribute his assets, which might not align with his wishes.
Working with an estate planning lawyer makes sure your will is clear and legally binding to prevent disputes among family members.
A trust allows your assets to pass directly to your beneficiaries without going through probate, which is the legal process that follows a person's death. This means your assets can be transferred more quickly and privately.
Example: Mary owns a vacation home and has investments that she wants to pass to her daughter. By setting up a trust, Mary ensures her daughter gets these assets immediately after she passes away, without having to wait months for probate to finish. The trust also helps reduce estate taxes, ensuring more of her wealth goes to her daughter.
A durable power of attorney gives someone the authority to handle your financial affairs if you’re unable to do so yourself, due to illness or injury.
Example: Sarah was in a car accident that left her unable to manage her finances. Thankfully, she had named her brother as her durable power of attorney. This meant her brother could step in and handle her bills, manage her bank accounts, and make decisions about her investments until she recovered.
An advance medical directive (also called a living will or health care proxy) allows you to state your preferences for medical treatment if you can’t express them.
Example: After a serious illness, Greg didn’t want to be placed on life support if his condition became terminal. He made his wishes clear in an advance medical directive, naming his spouse as the person to make medical decisions for him. This ensured that his doctors and family followed his preferences.
If you have children, naming a guardian in your estate plan is crucial. This ensures that your children are cared for by someone you trust if something happens to you.
Example: Emily, a single mother, was concerned about what would happen to her two young kids if she passed away unexpectedly. In her estate plan, she named her sister as their legal guardian. This way, if anything happened, her kids would be placed in her sister's care without any court battles or confusion.
Don’t wait to secure your future. Contact our Williamsburg estate planning lawyers at Pedersen Law, PLLC today to set up a consultation and start protecting your loved ones and assets with a solid estate plan.
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