Helping You Plan Well For The Future
Just about everyone has an estate. An estate is all the things you own – your home, car, checking and savings accounts, life insurance, investments, furniture and so forth.
At Beckman Schmalzle Georgelas & Ross, PLC, we understand the importance of determining how you want your estate handled at the time of your death. Legal documents are drawn up to ensure your final wishes are honored and that your loved ones will be provided for in your absence. Estate planning also means that you get the final say on what type of health care you want and whom you want to make decisions for you if you are unable to make the decisions yourself.
Four Types Of Documents That Are Most Common
Estate planning can be a very simple and straightforward process. Having your wishes formally documented and on file means that there will be no confusion or misunderstanding as to what you wanted. We offer the following services:
- Wills. A last will and testament includes “who gets what” as well as who should be the guardian for your minor children.
- Trusts. A trust can be set up to protect your assets from certain taxes or creditors so that your estate does not have to go through the probate process. Probate can incur fees and take months or over a year for complex estates.
- Power of attorney (POA). POA gives the person you designate the power to make financial decisions and transactions on your behalf. There are several types of powers of attorney:
- An ordinary POA ceases to be active when a person is no longer able to make their own decisions.
- A durable POA is immediately effective and stays in effect should you become incapable of making decisions. However, this power reverts to you should you request it. For example, if you are in a serious car accident, but then recover your ability to think clearly, you would reassert your own power of attorney.
- A special or limited POA is temporary, for a set circumstance or amount of time. For example, while you are on active military duty, this may go into effect, or if you need someone to sell your home while you are living abroad, you may give them the powers needed to undertake and finish this task.
- Advance medical directives/health care proxy/living wills. These documents can be as detailed as you wish. They let your loved ones know what types of medical care you want (living will) and who (your proxy) should make medical decisions for you if you are unable to make those decisions yourself.
Get answers to your questions about wills and trusts on our FAQ page.
The Skilled And Personal Guidance You Need
Get the service and support you need to plan for your future. Call 703-659-6875 or send the firm a contact email. At Beckman Schmalzle Georgelas & Ross, people matter. You matter. We serve the estate planning needs of all of Loudoun County and nearby areas.