Forty people attended the Lunch and Learn Seminar on Estate Planning at WPC in May. Attorney Helena Mock delivered a lively and thought-provoking presentation, offering practical guidance for attendees to consider and act on. Attendees especially noted the following key takeaways:
- If you do not have an estate plan, the Commonwealth of Virginia has one for you. Without an estate plan, Virginia’s default legal rules determine who receives your money and property. Creating an estate plan helps ensure your assets go where you intend, supporting the people and charities you care about rather than leaving those decisions to a court.
- Estate planning involves more than deciding how financial assets will be distributed. It also includes designating individuals to make financial and healthcare decisions on your behalf if you are unable to do so. These choices should reflect your confidence that the individuals you name understand and will honor your wishes.
- Estate plans should be reviewed and updated regularly. The speaker recommended reviewing them at least every five years.
- Probate can be a complex and lengthy process. Conversations with tax advisors and estate attorneys can help you understand the best strategies for addressing this issue.
Estate planning is not one-size-fits-all. Because each person’s needs and wishes are different, thoughtful planning can help ensure that your decisions reflect your values and priorities.
The Legacy Giving Team
–Jean Scott, Karen Lauritzen, Ned Moore, Jeff Teucke
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