Many Loudoun County residents may not want to burden their families with discussions about death, or more specifically, estate planning. However, when family members-including a surviving spouse-are unaware of what to do when their loved one is seriously ill or dead, this leads to additional worry and grief. This is why it is important for families to make time to discuss estate planning with each other.
Loudoun County residents may be familiar with the common fallacy that estate planning is only for the wealthy. However, a recent survey shows that even the wealthy are not putting much thought into their estate plans. Fewer than 20 percent have updated their estate plans in the past five years and another 23 percent have no estate plan at all. One reason for this may be that many are put off by the often morbid nature of estate planning.
Before Loudoun County residents visit an estate planner or other professional, they may want to spend some time thinking about the questions they may have. Estate planning can be a confusing process, and when it comes to someone's estate - his or her life's assets - it helps to know what he or she is getting into before signing any documents or making decisions that cannot be reversed.
Many Loudoun County residents may be uninformed about long-term care planning. They may not understand that their nursing home care, if needed, will not be automatically paid for. Medicare and Medicaid do pay for some medical are, but only if the patient qualifies for these programs. Therefore, in order to protect assets, senior citizens should be aware of all their options during the estate planning process.
As many Virginia residents know, people cannot predict when they will die. Many people put off estate planning because they don't have the time or don't want to discuss what will happen after they die. However, dying without a will can spell family turmoil, as demonstrated by a 46-year-old man's death.
Many Loudoun County residents may have the usual new year's resolutions in mind, such as losing weight and saving money. However, evaluating their estate plans should also be at the top of the list. Estate planning is not just a one-time event. Situations change, and the information contained in the estate plan should be reviewed annually.
Many Loudoun County residents may be in the situation where they are living together with a partner but not planning on getting married. This situation leads to the question of how finances and daily life should be handled. A bigger question is how to deal with estate planning.
Although many Loudoun County residents admire their favorite celebrities for their acting skills, musical ability or athleticism, it may surprise many readers that they should refrain from following in their favorite star or starlet's footsteps when it comes to estate planning. Celebrity mistakes regarding estate planning have been tabloid fodder in recent years and not just because of the amount of money involved. Celebrities are human too, and the errors they have made in their wills, estates and trusts have inflicted emotional pain on their loved ones.
Loudoun County residents who have a will or trust in place may have forgotten to include an important member of the family: their pet. In the process of providing directives for spouses and children, those creating an estate plan may overlook their pets. It is easy to forget that animal companions also need to be cared for by someone after their owner passes away. This is why it is important to include all personal property, including pets, in the process of estate planning.
Many Loudon County residents struggle with planning what should be done with their estates when they pass away. Many more simply ignore the problem and let their loved ones deal with it after they're gone.