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Estate Planning

Estate Planning

 Maximize and preserve wealth, protect your assets, and ensure that your wishes are carried out in the future. Contact the estate planning attorneys at Commonwealth Life & Legacy Counsel  at 434.589.2958 or in or near Powhatan at (804) 598-1348 or reach out to us online at www.winget-hernandez.com to schedule a free consultation. 

What Is an Estate Plan?

An estate plan is something everyone should have. 

Contrary to what many people think, everyone has an estate, even if you don’t necessarily own a lot of property. Your estate consists of more than your property and instructions on distributing your assets to your friends and family when you die. It also includes directives about what to do if you become ill or incapacitated, how your children will be cared for, and decisions about other important administrative aspects. 

Having an estate plan is essential to ensure that your wishes are carried out in a manner that is consistent with your goals. 

Benefits of Estate Planning

Without an estate plan in place, the government becomes the ultimate decision maker. Each state, including Virginia, has various statutes that outline what happens to your estate (and any minor children) in the event of your death. If the state’s plan is not consistent with your plan, even the best intentions cannot overwrite the government. 

People turn to Commonwealth Life & Legacy Counsel for estate planning for the following benefits: 

  1. Document intentions. You probably have a clear idea of what you want to happen to your estate and ideas about how your life and finances should be managed when you’re not well. An oral agreement will not be binding in matters such as these, so it’s vital that these plans are documented properly.
  2. Minimize taxes. The last thing most people want is for the government to absorb the bulk of what you’ve worked for in taxes. An estate planning attorney can help you minimize the tax burden so that your loved ones get more. 
  3. Reduce fees. Unraveling your estate can be expensive without an estate plan. There could be administrative, court, and attorneys’ fees that eat into your assets, leaving less for your heirs. The right estate plan in place can minimize these fees.

Estate Planning Services

Estate planning attorneys provide a range of services to help you plan for the future. These include, but are not limited to: 

  • Wills: A will memorializes your final wishes.
  • Trusts: There are various types of trusts that allow you to control how your assets are managed. 
  • Business Succession Planning: Strategize sales, exits, transfers, and liquidation plans on your terms.
  • Powers of Attorney: Assign someone you trust to act on your behalf if you become unable.
  • Medical Directives: Plan for unexpected medical emergencies.
  • Charitable Planning: Ensure that the causes most important to you receive benefits.
  • Gifting: Reduce estate taxes with a strategic gifting plan.

Contact Commonwealth Life & Legacy Counsel for Your Estate Planning Needs

Whether you have an estate plan in place and would like to ensure it reflects your current wishes, or you need estate planning services for the first time, Commonwealth Life & Legacy Counsel with offices in Zion Crossroads and Powhatan, Virginia, can help. Call 434.589.2958 or in or near Powhatan call (804) 598-1348 or reach out online at www.winget-hernandez.com to schedule a free consultation.

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