Writing a will and creating a plan for your estate is oftentimes put on the backburner. No one wants to think about death or what may happen to their family, assets and property should they pass suddenly or unexpectedly. Because much of life is out of our control, it’s important to be as prepared .
You need peace of mind, estate planning tools, tax planning options and more. When you work with the estate planning attorneys from Cravens & Noll, P.C., our lawyers will work with you to ensure your desires are fulfilled, assets are protected, and your family is comforted.
Estate Planning in Richmond, Virginia
Many aspects of estate planning concern maintaining as much control as possible when things get out of control. Whether that’s because of an accident, disability or death, it’s called “planning” for a reason.
You need to think ahead and prepare for situations that will happen, or are likely to happen, in the future.
It’ll be much better for you and your family to plan on how to handle these events now, before the stress and urgency of an emergency situation makes accomplishing things difficult, if not impossible.
If you think estate planning is only for the wealthy, elderly people, or the disabled, you’re mistaken. You should do it before you become elderly or disabled. If you own property or have children you should have an estate plan created.
Virginia Wills, Trusts, Power of Attorneys – What you need to know.
Whether you’re an executor, trustee, administrator, personal representative, heir or family member in the state of Virginia, an understanding of the basics of estate planning is crucial. Estate planning lawyers can help ease the burden that comes with trying to handle the distribution of assets for family planning and more.
No matter what your wishes are, our attorneys will work to protect your assets and fulfill your wishes.
Our attorneys will help flesh out your objectives with estate planning tools that fulfill your desires for your family, finances and even your health care.
What We Specialize In:
- Wills: A will is a legal document in which you can name who gets your property after you pass away. You can also name who you want to be a guardian to care for your children. Without a will and after your debts and taxes are paid your assets will be passed to your next of kin. If that’s not the outcome you want and you want a measure of control over your assets after your death you should have a will created.
- Trusts: This is an arrangement formalized in a legal document in which a person (the settlor) puts aside some assets to be overseen by a trustee in order to benefit a person, group of people or organization (the beneficiaries). The trust can be funded during the settlor’s life or through assets from the person’s estate after his or her death.
- Financial powers of attorney: This legal document allows someone (the principal) to give another person (the agent) the ability to act for him or her. A financial power of attorney gives the agent the ability to handle the principal’s financial matters, often when the principal is in poor health and unwilling or unable to do so. The power of attorney can be very narrow (the agent could use specific accounts to pay bills) or very broad (the agent is given wide powers over the person’s income and assets to address any financial needs).
- Medical powers of attorney: This legal document allows the principal to name an agent to make healthcare decisions in case they’re unable to do so. Healthcare providers must advise and seek permission from the patient/principal first. If the person is not competent, the healthcare agent can be the one making decisions. The document can also spell out instructions to the agent, stating what kind of care is and isn’t wanted.
- Advanced medical directive: This document is similar to a medical power of attorney but it’s only valid if the patient is terminally ill or in a vegetative state.
- Guardianships/conservatorships: If a person becomes incapable of caring for him or herself and has no valid powers of attorney allowing others to make decisions for him or her, a judge, after a hearing, can name a conservator to make financial decisions for the person or a guardian to make healthcare and other decisions about daily life, or both, depending on the degree of disability.
Estate Administration and Probate After Death in Richmond
If you were named a personal representative following the death of a loved one, it can be incredibly stressful and frustrating. You may be dealing with the probate process which means that a Virginia state entity is overseeing the distribution of assets from a will.
You may also be dealing with the overwhelming administration of these estates and other trusts from the decedent.
Our lawyers help you organize plans and ensure the fiduciary responsibilities and obligations that have been outlined in other documents are fulfilled as seamlessly as possible during this difficult time.
Estate & Family Planning Attorneys
Think ahead and take steps to help yourself and your family members through estate, will, family and financial planning.
Our attorneys at Cravens & Noll, P.C. helps those living in Central and Western Virginia with all their estate planning needs. We’re here to ease the burden and give you peace of mind during a very difficult time. You can count us to help guide you through the process and ensure the needs and desires of you or your loved ones are fulfilled.
If you have any questions about estate planning or need to have these services for you or your family schedule an initial consultation today.