Many people may be confused at the prospect of discerning between estate planning and elder law. While both fields of law focus on helping you and your family plan for the future, they are distinguished by one very key element. While estate planning is concerned with answering the question, “what happens when I die?”, elder law is instead committed to responding to the possibility that your health and end of life may not be resolved as easily as you think.
The truth of the matter is, you are likely relying on your estate plan to ensure your assets are passed on in the manner you wish. However, what happens if you don’t have the assets you expect to once your life has come to an end? Unfortunately, health concerns and costly medical bills may wipe out any and everything you had saved, which was likely intended for others.
In some circumstances family and friends feel that a situation warrants petitioning the court to be appointed as a guardian and conservator for someone who has become incapacitated, but does not have estate planning documents.
Guardian: A guardian is a person who petitions the court to be given power over the personal affairs of an incapacitated person including medical decisions.
Conservator: A conservator is a person appointed by the court to handle the financial affairs of an incapacitated person.
Many people think planning for the worst involves simply considering what they should do in the event of their death. However, this isn’t the case. Planning for the worst-case scenario, in fact, involves planning for the possibility of emptying your assets to pay for your time in a nursing home, etc. Paying for these unplanned costs from your income, and not from your principal, is the key element in deciding to enlist the help of a Richmond elder law attorney such as ours from Hazelwood Law Firm.
Call us at (703) 455-5160 or (804) 601-8259 for a free consultation.
Hazelwood Law Firm is comprised of dedicated, compassionate, and meticulous elder law attorneys in Richmond and Fairfax County who want to help you regain a peace of mind regarding you and your family’s future. We know there are a number of stresses keeping you up at night, which is why it is essential you don’t hesitate to enlist the help of our high-quality legal team as soon as possible. We will do everything in our power to be your trusted legal advocates, through and through.
9245 Old Keene Mill Rd #200
Burke, Va 22015
3781 Westerre Pkwy, Suite F, #102
Richmond, Va 23233