Determining the right time to make an estate plan is a serious task. When you visit a Fairfax Estate Planning Lawyer, there are some factors the lawyer will look at, such as your current family, medical, and financial situation, to see what kind of estate plan will fit you the best. Here are some of the ways these factors can impact the estate planning process:
Your current family situation can make a huge impact on your estate planning decisions. For example, your marital status needs to come into account when considering who you name as agents and executors on your Powers of Attorney, and Last Will and Testament. In addition, whether or not you have underage children may affect how you plan out beneficiaries and distributions. A Fairfax Estate Planning Attorney will look at your family situation and help you determine who would serve best as your agents in case of incapacitation and your Executors at the time of your death.
When making your estate plan, your current medical situation must come into account. If you are facing a medical crisis at the time that will make it difficult to handle your affairs, you will want to have your documents drawn up in such a way that allows your agents to make difficult decisions as easy as possible. Make sure you discuss your medical situation with a Fairfax Estate Planning Attorney so all of your options can be considered and the best possible decisions can be made.
Finances always play a key role in determine how to shape your estate plan. For example, many people think estate plans are reserved only for the super rich; however, if you own your own home in addition to having other financial assets, you’ll want to have a say in how those things are passed down to loved ones. You will also want to keep track of how your bank accounts are set up, especially in terms of beneficiary designations.
Making an estate plan is a large step for anyone, but it is important to know that you will be protected no matter what happens. If you have questions about how an estate plan will impact your current situation, please contact us at (571) 328-5795 to set up an appointment.