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5001 Seminary Road, Suite 110
Alexandria, VA 22311
Planning an estate is not something that anyone wants to think too much about. After all, you are planning for your own passing, which is never an enjoyable thing to consider. However, there are a handful of considerations that you should make before you start drafting your will.
Your Immediate Family
The first thing that you should think about is your own immediate family. Do you have a spouse? Do you have any ex-spouses? Do you have any kids? How many do you have and how old are they? Are they from your current marriage or from a previous one?
Your immediate family’s situation is often the most important thing to think about when you plan out your estate. How you distribute your assets to them can make a huge impact on their lives.
For example, if you have two children, and one of them is a doctor but the other is a struggling painter, then it can make sense to give more to the artist than to the doctor. However, if there is bad blood between the two, then not splitting things evenly might lead to the will being contested, which would take legal fees out of the estate to resolve, resulting in less for both of them.
Sometimes, there may be other reasons for splitting your assets unevenly between your immediate family. Many people use their wills as a final way to show their preference for one person over another. Deciding if this is something that you want to do, and how you want to do it, is something to carefully consider before sitting down to draft your last will and testament.
How Much You Have to Give
How much you have to give in your will is always a limiting factor to what you can do. In fact, for some people without many assets at all, deciding not to have a will might even be a fine decision.
Before drafting your will, however, it is a wise decision to make an extensive and detailed list of everything that you own. If you do this, you will rest assured that you are not leaving anything out, and are controlling who gets everything.
A final thing to consider is estate tax. Minimizing how much money goes to Uncle Sam maximizes how much ends up in the hands of the people you want to give it to.
Let Us Assist You with Estate Planning Services
The estate planning attorneys at Kamerow Law Firm can help you prepare you will. Contact us online or by phone at 703-370-8088.