Estate planning is not just for the super wealthy – it’s for everyone. A well-thought-out estate plan reduces emotional and financial stress for your family. Not taking the responsibility to create your plan means your family will have to pursue an adult guardianship in the event of your incapacity.
We make the estate planning process simple by asking all the right questions, creating all the necessary documents, and guiding you on re-titling of assets or change of beneficiary designations as needed.
If you’re ready to make sure you’ve planned for the future, let Promise Law help you. We are located in Hampton, Virginia and serve the Hampton Roads area. Call us now at 757-690-2470 or contact us online. We’ll help you make sure that promises made are promises kept.
A properly drafted and funded trust helps your family avoid the court expenses and delay of probate at your passing. Your trust goes into effect the minute you create it, allowing you to plan for lifetime disability.
A trust-based estate plan is advisable if you’ve got one or more of the following circumstances or concerns: a blended family; unmarried partners; same-sex spouses or partners; minor children; special needs beneficiaries; beneficiaries with creditor issues; control of distribution to beneficiaries over time; or protection of assets if the surviving spouse remarries.
A will states who gets the assets in your name at your death. Unlike a trust, a will doesn’t help manage assets during your lifetime at all. Your will is also where you can nominate guardians for minor children.
Powers of attorney, sometimes also called durable powers of attorney, give authority to the named agent to manage your assets. These powers are important in a trust-based estate plan because the trustee only has authority over trust assets and not assets in your name. For a will-based estate plan, powers of attorney are essential as they provide the only way to manage assets without involvement of the court in the event of your lifetime incapacity.
Advance medical directives serve several important functions. They name someone to make medical decisions for you if it’s determined you can no longer do so for yourself. Directives also express your preferences for end-of-life decisions through what is sometimes called a living will. This document avoids confusion and additional stress for your family, friends and healthcare professionals in the event you’re unable to give them direction about your care.