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. A small amount of planning today will provide an enormous amount of security tomorrow.
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. Call us now at 757-690-2470 or contact us online. We are located in Hampton, Virginia, serving Hampton, Newport News and the entire Hampton Roads area. 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.
All wills go through probate, but depending on your specific provisions, a well-drafted will can reduce the delay and expense of probate for your beneficiaries.
Powers Of Attorney
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.
When someone didn’t prepare an estate plan and is incapacitated, a guardian or conservator is needed.
Incapacity can occur in elderly persons with dementia, in the case of special needs children who have reached adulthood, or where any adult has experienced illness or injury that resulted in cognitive impairment. Similar to a guardian, a conservator is court appointed and manages an incapacitated adult’s finances.
If you are seeking adult guardianship or conservatorship of a loved one, whether to make medical decisions or perform financial transactions on their behalf, Promise Law can help. Our process includes evaluating if you’ve got options other than court. If not, then we prepare all the documents for the court and are with you throughout the process from the initial filing to the final hearing.
We know this is a difficult and frustrating time when you want to help but don’t have any authority to do so. Let Promise Law ease the process for you.
If you’re already appointed by the court as conservator, then click here to learn more about estate administration.