Estate Planning Lawyers
Have you set up a will or trust and has your family been giving instructions on what to do if the unthinkable happens? Set up your free consultation to determine what is the best plan of attack for you.
Va Beach Office
Phone: (757) 481 6600
Fax: (757) 496 9063
1432 N Great Neck Rd, Suite 101
Va Beach, VA 23454
Phone: (571) 970 3317
Fax: (571) 970 3219
3100 Clarendon Blvd, Suite 630
Arlington, VA 22201
If you or a loved one is in need of legal assistance, call Paulson & Paulson, P.L.C. at our Virginia Beach office by dialing (757) 481-6600 or our Arlington office by dialing (571) 970-3317
No one wants to think about dying
much less planning for the undesirable event.
Unfortunately, many individuals pass away without having had a will prepared. The result in many instances is the individual’s estate is disbursed to unintended beneficiaries.
If an individual dies in Virginia without a will the individuals estate does not go to the state as many people believe, but is disbursed accordance with the state’s “intestate statutes.” The result may or may not be what the deceased individual desired.
When we have estate seminars the first question that we pose is “how do you want your assets distributed upon your death?”
We quickly offer the following answer: “you want your assets to go to those that you designate,” or another way of saying the same thing is: “you don’t want your assets going to those that you have not designated.” For instance, you do not want your assets to be given to the IRS if you can legally avoid it.
Secondly, you do not want your assets going to attorneys, commercial executors, commissioners, etc. if it is not necessary. Simply stated you would like your assets to go to the intended beneficiaries (most likely your loved ones) in the most cost effective and efficient way.
One of the big benefits of pre-death planning is the ability to name your heirs, specify the share of your estate they will receive and dictate the manner and timing at which the heirs get their shares. Generally speaking this part of estate planning is done with either a will or a trust.
The bottom line is if you presently do not have a will or trust it’s time to stop procrastinating.
Important Issues to Consider in Your Estate Plan
Whether the heirs are to receive equal or unequal shares. There are several factors that can cause the estate owner to vary the share sized they leave to each other.
At what age should the heirs get their share, or should their share be paid in two or three installments at different age milestones, paid out for life, etc.
Whether or not to leave specific property to certain heirs, such as the family hone to one child and certain other property to another child.
How to deal with situations where a married couple each have different children from former marriages, but they want to create one comprehensive estate plan. This may require dealing with issues such as one spouse having more children, or one spouse having a larger estate.
Few of the many
There are many more situations your loved ones can encounter. Call us today to let us help secure your family’s future.