What is Estate Planning?

Estate planning is the process of arranging for the management and disposal of a person’s estate during their lifetime and after their death. It involves making decisions about how assets should be distributed, who will receive them, and how to minimize taxes and other expenses. Hire an Estate Attorney in Williamsburg Virginia to help you with the creation of legal documents such as wills, trusts, powers of attorney, and advanced healthcare directives.

An Estate Attorney Will Help You With

1. Will: A legal document that specifies how a person’s assets should be distributed after their death.
2. Trusts: Legal arrangements that allow a third party, the trustee, to hold assets on behalf of beneficiaries.
3. Power of Attorney: A legal document that grants someone the authority to act on behalf of the individual, especially in financial and legal matters.
4. Advance Healthcare Directive: A document that outlines an individual’s wishes regarding medical treatment and healthcare decisions in case they become unable to communicate.
5. Beneficiary Designations: Naming beneficiaries for assets such as life insurance policies, retirement accounts, and bank accounts.
6. Guardianship Designations: Designating a guardian for minor children in case the parents are unable to care for them.
Estate planning is crucial to ensure that one’s assets are distributed according to their wishes to provide for your loved ones, and to minimize the potential for family disputes. It is advisable to consult with legal and financial professionals when creating an estate plan to ensure that it aligns with individual goals and meets legal requirements.

Montgomery Kelley & Dennett are here to help!

Are you in need of assistance in planning your estate and live in Williamsburg, Virginia? At Montgomery, Kelley & Dennett we have decades of combined legal experience and will thoughtfully help you plan your estate.