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 434-338-7080 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.