FAQs

A: The person managing your trust, known as a trustee, can be anyone. Whether you choose a family member, close friend, or professional fiduciary such as an attorney or a bank, your trustee needs to be someone you not only trust but can handle all of the associated responsibilities. Key qualities to look for when choosing a trustee include:

• Trustworthiness
• Financial savviness
• Familiarity with your desires and hopes

A: You can set up a trust without your spouse in Virginia. Many married couples establish joint trusts, but this isn’t necessary. You can create an individual trust to manage personal assets, should you have any wish to take this route. Doing so may be beneficial if you have separate property or specific desires concerning your share of assets. Regardless, consulting with an estate planning attorney is wise and will go far to ensure your trust aligns with your overarching goals

A: In Virginia, heirs at law are those who are entitled to inherit property if a person dies without a will. This typically includes a surviving spouse of children. If the deceased has no children, spouse, or parents that survives them, other close relatives may be considered to be an heir at law. The specific order of inheritance follows Virginia’s intestacy laws, which define the hierarchy of heirs.

A: A power of attorney for healthcare, also known as a healthcare proxy, can indeed access and look at your medical records. Given that they have the authority to make informed decisions regarding your healthcare and treatment, being able to do these sorts of tasks comes with the territory. True as this is, however, the overall scope of their specific power depends on the terms in your power of attorney documentation, as well as other relevant privacy laws, such as the Health Insurance Portability and Accountability Act (HIPAA).

A: Successfully contesting a trust in Virginia can be quite challenging, but it is nonetheless possible. Legitimate grounds for contesting a trust include:

• Fraud
• Undue influence
• Lack of capacity when the trust was created

A: Estate Planning is simply arranging for your and your family’s safekeeping throughout your life and after death. It includes creating various documents that explain your wishes concerning medical care, care of your children, and your assets. Estate planning can also involve making arrangements for long-term care, such as choosing a healthcare power of attorney to make medical decisions on your behalf if you are unable to do so. It can also involve making financial and tax-related decisions to minimize the impact of taxes and other expenses on your estate.

A: Your age will decide what kind of estate plan is necessary. For example, once you turn 18, a financial power of attorney and/or healthcare power of attorney would be helpful if something happens that leads to you being incapacitated or hospitalized.

When you get older and/or acquire assets, you should have a plan to protect your assets. Further, once you have children, you must plan for their future, from potential guardians to how their inheritance is handled.

Lastly, the most significant time in your life to create your estate plan is when you reach the age of 65 or older. By creating a comprehensive estate plan at this point, you ensure that there is guidance for your family and that your legacy is taken care of.

A: Every estate plan is unique and needs to be individualized for you specifically.

Therefore, we will start our first meeting by getting to know you and asking you questions.

Here are some questions we might be asking you:

• How do you want to provide for your spouse?
• What are your assets, and how do you want them protected?
• Is privacy important to you regarding your assets after you pass away?
• Are you interested in learning how to protect your assets from creditors and other third parties?
• Are you concerned about the mismanagement of your assets after you pass away?
• Do you know the prominent individuals you feel would be able to help you should something happen to you?
• Do you know the individuals that you would like to handle your estate after you pass away?
• How do you want your assets distributed?

Once we have answers like these, we can make a comprehensive and personalized plan for you. So contact us to get started today.

A: There are several documents to include in your estate plan to prepare you and your family for the future. There are different reasons for each of these documents, so speaking with an attorney to discuss them is vital to decide what you need.

Here is a basic list of documents that are incorporated into most estate plans:

1. Last Will and Testament
2. Revocable Living Trust
3. Financial Durable Power of Attorney
4. Health Care Power of Attorney
5. Living Will and Advance Care Plan

You should also update your beneficiary designations and create a Letter of Instruction or Intent to explain and express your intentions after you pass away.

Contact us to learn more about how we can help you and your loved ones with estate planning.

A: Fortunately, the cost of Estate Planning far outweighs the costs that may be incurred by you and your family if there is no plan in place. Some expenses that may arise:

• Estate death tax: whether your estate pays this and how much depends on the size of your estate and your location.
• Probate Court costs: all courts have fees and costs, plus the probate attorney’s fees that will be incurred which typically are charged hourly.
• Creditors and debtors: without specific actions taken, third parties can go after most of your assets, leaving much less for your beneficiaries.
• Long-Term Care costs: due to the incapacitation of you or your spouse, your estate may be exposed for payment without proper protections.

These costs could be reduced or entirely avoided with the help of a detailed estate plan. Contact us to learn more.