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Estate Planning. Not Just For The Wealthy.

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Most people don't like to think about estate planning. In fact, almost 60% of Americans don't have a will. But if you have some assets (maybe just a car and some nice furniture) or minor children, you still need an estate plan - even if taxes are not an issue.

Contrary to popular belief, estate planning isn't just for the wealthy. Estate planning can help your family during a difficult time. A good estate plan will make things easier for loved ones by providing support for your spouse, preserving assets for later generations, and protecting your family's privacy. A bad estate plan--or no estate plan--can result in increased taxes and costs. It can also dispose of your assets to people or in ways you wouldn't have chosen.

If you die intestate (without a will), the laws of your state determine what happens to your assets and your minor children. So if you want to ensure that the bracelet you inherited from your great grandmother goes to your daughter or that a portion of your estate goes to your favorite charity, you need a written will to make your wishes known.

An estate plan typically has several elements, including a will; assignment of power of attorney; and a living will or health-care proxy (medical power of attorney). For some people, a trust may also make sense. When putting together a plan, you should be mindful of both federal and state laws governing estates.

If you're unsure how to get started with estate planning, the professionals at Middleburg Trust Company can help. They understand the importance of estate planning and can help guide you through the process, even recommending other professionals (attorneys and accountants, for example) who can help you implement the components of your plan.

And, if you already have an estate plan and are looking for a well-regarded firm to administer your plan, we can help with that, too. Since its founding in 1994 as Virginia's first independent trust company, Middleburg Trust Company has served individuals, institutions, and foundations with the highest quality fiduciary and investment management services.


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