An estate plan and trust are some of the tools used for managing finances and assets. There are various steps involved in estate planning, with each having its own set of specifications. Since estate planning is a complex process that requires thorough preparation, one must only rely on a qualified trust and estate attorney. If you are also estate planning, you should know all the necessary documents you need to have in place. Your attorney will ask you a few questions at the initial consultation to understand your requirement and map out the best plan possible.
Details about family:
The first thing any estate lawyer will ask you about before preparing your estate plan is family details. Your attorney would need information about your family like their contact details, their financial status, whether you trust them with money or not, how responsible your family members are, and other details. Armed with this information, the attorney would be better positioned to draft an estate plan that effectively protects your estate and assets.
Existing Estate Plan:
If you already have an estate plan and want to make a few changes to it, you should bring it to your estate attorney. Whether you have durable powers of attorney, advance healthcare directive, or trust already prepared, you should bring it to the attorney for review. The attorney will suggest changes according to the existing provisions and your current requirements.
Documents related to military:
Most states offer aides and financial assistance to veterans. If you or your spouse has served in the army, you can check whether you are eligible for veteran benefits.
Since estate planning is associated with your finances, you should discuss all financial information with your attorney from estate planning law firm Virginia Beach. The information will allow your attorney to create an estate plan that specifically caters to your financial needs and future goals. Your financial information will also come in handy in understanding whether you qualify for veteran plans or Medicaid.
Information about any real estate you own:
Property deeds are an essential element of any estate planning. Estate planning is, by large, the process of transferring the real estate to the beneficiaries named in the will. If you own one or more properties in Virginia or elsewhere, there are chances of family dispute over its inheritance if you haven’t mentioned it in your deed. The best way to prevent family feuds over property is to disclose all real estate details to your lawyer beforehand.
Information about any long-term insurance policies:
For a long time, people have been using insurance policies to protect their assets and cut down on nursing home care charges. Long-term insurance policies work as a safety net, offering one peace of mind. Experienced and skilled attorneys know the importance of reviewing the existing insurance policies before preparing an estate plan.
Estate attorneys review the medical history of their clients to create healthcare directives or arrangements for Medicaid. Estate lawyers also review the medical history of their clients so that they can create a timeline and know which strategy will fit best.