Lynchburg Lawyer For Estate Planning
Creating an estate plan is important for every adult. If you have children or significant assets such as a home, it is not something you can put off.
At Patel & Dalrymple, we create estate plans for individuals and families in Lynchburg and surrounding communities in central Virginia. Call 434-832-7030 to talk to a lawyer about your estate plan.
Depending on your needs, your estate plan can be simple or sophisticated. Your estate plan may contain the following components:
- A last will and testament: If you do not own significant assets, a will can be an inexpensive way to determine who should administer your estate after you die and who should receive your assets. If you have children, your will can name the person you would like to be their guardian if you and your spouse die before they reach age 18.
- Trust: If you own significant assets such as equity in a home, a trust can save your beneficiaries the cost and publicity of a probate proceeding. Trusts can also help you accomplish specific goals, such as protecting assets you provide to beneficiaries.
- Power of attorney: You may think that a family member could make decisions for you if you are incapacitated and unable to communicate your desires. Unfortunately, this is not the case. Without a power of attorney, your family would have to go through the trouble and expense of a guardianship proceeding.
- Advance medical directive: In Virginia, an advance medical directive allows you to name a trusted person to make medical decisions for you if you're unable to do so by yourself. It also allows you to communicate whether you would want to be kept alive by feeding tubes or other artificial means if you are in a terminal condition.
Planning your estate now can help you avoid unintended consequences later. Without an estate plan that covers all of the bases, the assets you wanted to go to your beneficiaries could be wasted in court costs, probate fees and other expenses.
Protecting you in disputes: In addition to helping you plan your estate, we can represent your interests in disputes such as will contests and breach of fiduciary duty claims.
For More Information About Estate Planning
To schedule an attorney consultation about estate planning or litigation, call 434-832-7030 or send us an email.
Benefits Of Having A Trust In Virginia
Many people think only wealthy families need trusts. This is not the case in Virginia. Creating a trust can save your beneficiaries thousands of dollars in probate costs. It can also keep your family's financial affairs private.
At Patel & Dalrymple, our lawyer creates living and other types of trusts for individuals and families in Lynchburg and surrounding communities in central Virginia. Call 434-832-7030 to talk to a lawyer about your estate planning needs.
Why A Will Is Not Enough
While a will is inexpensive to create, it can be very costly for your beneficiaries. Wills need to go through the probate process, which in Virginia can cost your family from three percent to five percent of the total value of your estate. If you own a house worth $200,000, that single asset could cost your family $10,000 in probate expenses.
Probate is also a public process. This means that others can easily find out how much you owned and who received what.
Advantages Of Estate Planning With Trusts
There are many different kinds of trusts that you can create for different purposes. Here are just a few advantages of trusts:
- Keep your family's financial affairs private
- Transfer assets directly to beneficiaries without the cost and delay of probate
- Protect assets you provide to beneficiaries from issues like bankruptcy and divorce
- Protect a child's inheritance from being wasted through a spendthrift trust
- Minimize taxation through a life insurance trust
- Provide assets to a disabled family member without making them ineligible for Medicaid through a special needs trust
- Protect a business from liability through a business trust
- Reduce taxes and support a charity through a charitable trust
For More Information About Trusts In Estate Planning
To schedule an attorney consultation about the benefits of having a trust in Virginia, call 434-832-7030 or send us an email.