Details Can Be Essential to Estate Planning | Law Firm Newswire

Details Can Be Essential to Estate Planning

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

Virginia Beach, VA (Law Firm Newswire) December 11, 2015 – When handling one’s estate planning, it is important to prepare the relevant documents and ensure that they can be accessed by trusted family members prior to one’s death.

Such documents can include wills, health care directives, and lists containing passwords to online accounts. However, there are other less common items that some family members may need when their loved one dies. One such item is military discharge papers.

John J. Scroggin, who manages a tax business and estate planning firm in Atlanta, knew that his father wished to be buried in Arlington National Cemetery in Washington. When he telephoned Arlington, he was informed that he needed his father’s DD 214 in order to bury him at the cemetery. Scroggin did not know what a DD 214 was, and was told that if he was unable to locate it, his father would be placed in cold storage while they searched for the military discharge papers. Following a frenzied search, he found the DD 214 in a book where it had been used as a bookmark.

“A well-drafted estate plan covers all eventualities, including disability, and can provide one and one’s family members with peace of mind,” said Andrew H. Hook, a Virginia estate planning attorney with Hook Law Center, with offices in Virginia Beach and northern Suffolk.

Preparing for one’s death can be a time-consuming and laborious process. Erik A. Dewey, a writer from Tulsa, Oklahoma, wrote a book titled, “The Big Book of Everything,” which offers advice on getting ready for the end of life. It was challenging for him to go through much paper and online information following his father’s death at age 65. In the book, which can be downloaded online for free, he writes about his experience and all that he learned.

Although getting one’s personal and financial affairs in order is especially essential for the elderly, it is recommended for everyone. The most basic estate planning document is a will, which distributes one’s assets after one’s demise. Another option is to transfer one’s assets, such as one’s house, bank accounts and stocks, to a living trust, and after one’s death, the assets will be transferred to the beneficiaries.

With regard to medical decisions, one can have a living will and/or a durable health care power of attorney. A living will, which in some states is referred to as an advance directive, allows one to state one’s wish to refuse to be placed on life support if there is no chance of recovery. However, a durable power of attorney for health care covers all decisions pertaining to health care, and only applies when one cannot make decisions for oneself.

Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • What is a Trust Anyway?
    When people are discussing their estate plans, many arrive with a preconceived notion that they need a “trust.” In some circumstances the reasoning behind this is simply because a trusted friend or advisor has said so. In some cases, the individual believes that a trust will protect their assets (the threat from which requires protecting [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/07/24/what-is-a-trust-anyway/">Read More...</a></p>
  • Tax Changes are Coming. Is Your Estate Plan Ready?
    Although none of us can predict the future, the current state of the American economy and American politics lead many to believe that tax increases are headed our way, many of which affect our legacies.  Even if our economy begins moving again and the U.S.’s Executive and Legislative branches maintain the status quo after the [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/07/20/tax-changes-are-coming-is-your-estate-plan-ready/">Read More...</a></p>
  • Elder Law Related Updates in 2020
    Every July, various amendments to the Virginia Code go into effect. This year, several notable changes to the law impact various areas of elder law, a summary of which are as follows: The state police must develop the Virginia Missing Child with Autism Alert Program. Local law enforcement may participate in the state program, or [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/07/10/elder-law-related-updates-in-2020/">Read More...</a></p>
  • The Importance of Updating Beneficiary Designations
    Life is pretty hectic. Between work, personal commitments and family, it’s no surprise that we sometimes let important things slide from time to time. We know we need to get to them, but the days get away from us and most of the time it seems like these little things can just as easily wait [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/07/06/the-importance-of-updating-beneficiary-designations/">Read More...</a></p>
  • Stimulus Payments Belong to Recipient, Not Nursing Homes or Care Facilities
    Following concerns that businesses may be taking advantage of those who received an economic impact payment, the Internal Revenue Service recently notified nursing home and other care facilities that the recent stimulus payments received by many Americans generally belong to the recipients, not the organizations providing the care. This means that these payments do not [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/06/26/stimulus-payments-belong-to-recipient-not-nursing-homes-or-care-facilities/">Read More...</a></p>

Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required