Top Estate Planning, Probate & Elder Law Attorney Rory Clark Reveals The Key Elements Of A Robust Estate Plan – Leesburg, VA

Leading Elder Law Attorney Rory Clark founder of the Legacy Elder Law Center in Leesburg, VA, outlines critical must-dos to make a solid Estate Plan. For more information please visit https://legacyelderlaw.com

Leesburg, VA, United States – October 2, 2023 —

Too many U.S. residents are putting the importance of creating an estate plan to the back of their minds rather than tackling the matter now, said Virginia attorney Rory Clark.

For more information please visit https://legacyelderlaw.com

“Estate planning is often down-played until it is too late,” he asserted in an interview in which he outlined several steps to help people create an effective plan.

He said the first step was to dismiss any thoughts that estate planning is only for the rich and famous. A plan is a valuable tool for everyone to work to and offers a structure for those, such as grieving relatives or powers of attorney, to understand better what needs to be done.

A good starting point is to write an inventory of all assets, such as real estate, vehicles, personal possessions and collections, savings, pensions and retirement plans.

Mr. Clark, founder of The Legacy Elder Law Center in Leesburg, said all these documents should be brought together in a central folder to be easily located if anything untoward happens.

The next step is to hire an attorney skilled in elder law and estate planning. They will be able to look over the documents, advise on options to adopt, answer any challenging questions, and create an estate plan suited to that person’s needs.

An Advanced Medical Directive is a crucial pillar of the plan as it addresses health and end-of-life medical intervention issues. If someone becomes incapacitated, they need someone to carry out their wishes. Advanced Medical Directives cover life-prolonging decisions to palliative care and Do Not Resuscitate orders.

A vital component of any plan is creating a Durable Power of Attorney, giving a trusted individual or an attorney,  the authority to enact financial decisions on a person’s behalf if they become incapacitated.

Mr. Clark said, “An estate plan should also contain a Last Will and Testament so that upon death, it sets out, unequivocally, who receives a person’s assets and, if it applies, who will act as guardians for minors.”

An attorney can offer guidance on establishing a Revocable Living Trust to designate part of their estate toward things while they’re alive. A trust can set out conditional financial help for a child at a certain age and for specific items, such as educational needs, to guard against squandering assets.

When a plan is established, it needs to be reviewed regularly, every three to five years, to reflect changing times and finances. These reviews are recommended after births, marriages, divorces, and deaths. Mr. Clark said, “An estate plan should mirror a person’s life so it is fit and proper for when the time comes to initiate it.”

Without an estate plan, a person’s assets could be distributed in such ways by a probate court that they never intended to.

“A Will can be simple or complex, depending on your estate, but crucially, it will enable an appointed executor to manage the plan. It also means the potential for family disagreements over assets is negated and offers peace of mind for all,” concluded Mr Clark. 

 Source: http://RecommendedExperts.biz

Contact Info:
Name: Rory Clark
Email: Send Email
Organization: The Legacy Elder Law Center
Address: 108 South St SE ste 212, Leesburg, VA 20175, United States
Phone: 703-783-1195
Website: https://legacyelderlaw.com

Release ID: 89108618

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