Estate Planning – Will and Trust Planning
You have spent a lifetime accumulating wealth and assets for yourself and your loved ones, so it only makes sense to
create a plan that will ensure your chosen recipients will enjoy and benefit from your hard labors.
Losing a loved one can be devastating, and can be even more difficult if probate issues arise following their death or heirs do not agree with the actions of an executor. Having an estate plan in place is essential for avoiding probate and complex legal issues while you or your loved ones are grieving.
Estate Planning, by definition, is the preparation during one’s life for the transfer of a person’s estate after his or her death. This includes their wealth, real estate, assets, life insurance, personal property and debts, and it is often used for asset protection or to eliminate uncertainty and maximize the estate’s value by reducing taxes and other expenses.
Through consultation and thoughtful guidance, The Law Office of Patricia E. Tichenor, P.L.L.C. can help you determine which of the many vehicles you should put into place that would help ensure an efficient transfer of your estate and avoidance of probate. For additional information, please contact us about trust planning or a will.
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TermDefinition
- Child GuardianshipGuardianship often deals with arrangements for the care of minor children in a parent’s absence; however, it can also apply to older children with special needs, or adults needing assistance for day-to-day life. If another person is dependent upon you for care, you must make appropriate legal plans to ensure their safety. A power of attorney may be an option, but it is often not available if the person needing a guardian does not have the capacity to sign a power of attorney or is vulnerable to being manipulated by other third parties into signing a new and very different power of attorney that revokes your rights to serve in that role.
- Elder LawElder Law is an ever-changing and highly diverse area of law that generally refers to the legal issues of Senior Citizens, including estate planning, plans for incapacity or mental incompetence, health care, other benefits, and final medical care. Many issues faced by Senior Citizens arise due to a lack of effective estate and probate planning, including a lack of a Durable Medical Power of Attorney or Living Will, and a lack of a Durable General Power of Attorney to ensure proper protection of their legal rights as well as their day-to-day financial management needs. Contact The Law Office of Patricia E. Tichenor, P.L.L.C. for more information. For professional legal services or legal representation, contact The Law Office of Patricia E. Tichenor, P.L.L.C. at 703-669-6700 or through our online contact form.
- Estate PlanningEstate Planning is the process of anticipating and arranging, during one’s lifetime, for the disposal of one’s estate following their death. Options include: wills, a living will, trusts, property ownership, beneficiary appointments, powers of appointment and powers of attorney. The Law Office of Patricia E. Tichenor, P.L.L.C. can provide expert guidance as to which devices are most appropriate for your needs and help you prepare the correct procedures and documents that ensure protection and peaceful transfer of your estate. We will also advise you how to avoid probate in drafting your estate plan as well as the implications for taxation of your estate due to lifetime gifting or gifts made at your death.
- Guardianship, Conservatorship and Special Needs TrustsThe need for guardianship or conservatorship planning is intended to assist with the care of young children, older adults, or an incapacitated family member of any age. Special Needs Trusts are designed to protect an adult (age 18+) requiring more support than usual in life, offering assistance with decision-making and various life skills, and creating a legal arrangement to ensure they have what they need for a safe and comfortable life. If you have child with special needs, such as Down Syndrome or a severe developmental or mental health issue, you may want to ensure that you can protect and provide for your child during their lifetime or after your death. The Law Office of Patricia E. Tichenor, P.L.L.C will assist you in creating an estate plan, which may include seeking appointment as a Guardian or Conservator for your adult child, or drawing up a Special Needs Trust, in order to ensure your child’s rights and needs are protected for his or her lifetime not only while you’re here but, also, after you’re gone.
- ProbateYou are already dealing with the traumatic loss of a loved one, so we try to put instruments in place to lessen the legal issues following a death, including probate. Probate is the process by which a will is determined valid or invalid when a person dies, and the process a legal court takes to conclude a person’s legal and financial matters when there is no will in place. One way to avoid probate is to create a trust (sometimes called a “living trust”) to hold your assets and ensure clear directions as to how those assets will distributed upon your death. If you are forced into probate due to the lack of a valid will or trust plan, you will need an attorney to help you deal with the complex legal issues. These concerns are the reason we want to see you at our office, so we can provide honest and effective estate planning and probate guidance. Contact us to learn more.
- Trust PlanningA trust is a fiduciary arrangement where one or more people are assigned to hold property or assets for someone else. Trusts can be revocable or irrevocable. A Testamentary Trust is created through a will, and a Living Trust is created during your lifetime to transfer your property to another’s care so that upon your incapacitation or death, your estate is handled on your behalf. Trusts can be complicated, so we advise that you contact The Law Office of Patricia E. Tichenor, P.L.L.C. to discuss your options.
- WillsThere are several types of wills, and knowing how to make even a “Simple Will” work in a manner that ensures distribution consistent with your straightforward wishes is why using an attorney makes all the difference to having a successful plan. Yes, you can try to prepare a “Simple Will” yourself, but, unless you’re an attorney, you may not realize what you have omitted or what ensures the Will is valid not only in Virginia but all 50 States at your death. We can help you determine which is the correct type of will for your estate. Once you’ve created your detailed Will, it is important to keep it updated. For any significant life change or asset purchase, you should contact The Law Office of Patricia E. Tichenor, P.L.L.C to determine how this may impact your existing estate plan. The solution could be as simply as a beneficiary designation or as complex as moving from solely a Will to using a revocable living Trust plan, depending on the nature of the change experienced or anticipated.
