Start Your 2023 on the Right Foot – With an Estate Plan
Summary: As you consider the innumerable possibilities that are out there for this year, one thing that I encourage you to get done this year is to create an estate plan.
The advent of a new year is, to many people, the opportunity to start fresh. Maybe this is the year when you start a new career and do a job that you love. Maybe this year you want to fulfill your dream of creating a new startup or a non-profit organization to better serve your community and your family. Maybe this year you want to develop better habits and become a happier and healthier self.
As you consider the innumerable possibilities that are out there for this year, one thing that I encourage you to get done this year is to create an estate plan. While creating an estate plan is not as exciting as the other goals that I mentioned, it is vital not only to give you peace of mind, but also to keep your family at ease as you all plan for the future.
Estate planning isn’t a fun process, but it is necessary. It is better to plan today for what you want your final days to look like instead of later when you are not in the headspace to do so. Accomplishing this today will not only give you clarity about the future but will also help you prevent an estate fight between your family members. One reason why the estate planning process is so effective in preventing future conflict is that it forces you to definitively answer most if not all the important questions about your future right now. Such questions include:
- Who will handle your finances when you aren’t able to do so?
- Who will make your healthcare decisions when you are in the hospital?
- Who will own and manage your family business when you can no longer make crucial business decisions?
- Who will inherit the family home?
- Who will receive precious family heirlooms, jewelry, and artwork that are currently in your home?
In addition, there are several ways your estate plan can be customized to ensure that your goals are met. Maybe you want to keep your financial matters private, and you want to keep the administration of your estate out of court. If so, we can create a revocable living trust to serve as a Will substitute. Maybe you want to provide for loved ones who are disabled or have special needs, while ensuring that they continue to qualify for Medicaid and other public benefits. In that case, we can create a special needs trust to help take care of that loved one. Maybe you have a sincerely held religious belief about the disposition of your property and you want to honor God through it. In that case, we can help you craft an agreement to ensure that your estate plan properly follows what you believe God wants you to do. Maybe you have a family pet who you want to be cared for in a particular way when you pass. In that case, we can create a pet trust.
No matter who you are, there is an estate plan that can be created to best meet your needs and the needs of your family. While the estate planning process can be daunting, we are here to help you. We serve families living in Virginia, the District of Columbia, and Maryland. Call us today at 703-558-9311 to schedule your free consultation with us or click here to fill out our contact form and we will contact you.
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