Reston, Virginia (pressreleasepower) December 21, 2019 - A Virginia estate planning attorney at OFP Law, recently created an estate planning
checklist to help people ensure the proper management of their estate.
With so many details involved with the planning process, OFP Law's
checklist can help planners avoid mistakes.
Estate planning is the process of declaring how your assets should be handled if you are sick, incapacitated, or otherwise unable to manage your assets on your own, including in the event of your death. Establishing a clear plan can protect your assets and family, ensuring that your resources are distributed according to your wishes. Estate planning is often difficult because of its scope. Many people find themselves unsure of where to begin, causing them to put planning off for too long and leaving their families to guess at what should be done with your left-behind assets. By taking some essential steps, you can begin outlining your estate plan.
First, identify your goals. What is the purpose of your estate planning? You may want to provide for family, control your legacy, and more. You can then list the assets you want to include, which should include all money and property owned independently and jointly. Next, consider potential risks, such as nursing home costs or creditor claims, and try to mitigate them. Think about the loved ones you'd like to provide for and their unique needs, including the transfer and proper use of inheritances, as well as any charitable contributions you'd like to make. An experienced attorney can help you determine whether you owe taxes on your estate and how to pay them, as well as how to avoid probate court. You should also determine who should make decisions for you in the event of incapacitation, any legal tools that should be used, and whether additional insurance coverage is necessary to meet your goals.
A professional estate planning attorney can assist you in developing a clear and legal estate plan. OFP Law's experienced attorneys will work with you to create a plan that meets your goals and secures your legacy. The firm offers free consultations and can be contacted online at https://www.ofplaw.com or by phone at 703-215-2913. Its offices are located at 1775 Wiehle Avenue, Suite 400, Reston, VA 20190.
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