Estate Planning Attorney Richmond, VA
Life is short, but our impact doesn’t have to be. The business of estate planning is about more than property, elder law, wills, and finances. It’s about ensuring that the lasting effect of our acquired assets supports the next generation once we are gone. Estate plans are about taking care of our family members.
Since no material possessions travel with us to the afterlife, we have options on how to pass down things we aren’t able to take with us. With the help of wise Richmond VA estate specialists, those options can become wonderful monuments of our affection. When done in compliance with Virginia law, your estate will leave the memory of your legacy.
In and around Richmond VA, our estate planning attorneys have counseled clients everywhere from Henrico County, to Chesterfield County, and back. In addition to our estate law practice, you can ask us about:
- Elder Law
- Criminal Defense
- Business Planning
If you are in Richmond or anywhere in Virginia, you can attend our free estate planning workshop to learn more.
How Much Does Estate Planning Cost in Virginia?
In Richmond, estate planning services typically cost at least $1,000 or more. The final cost includes things like:
- The cost of hiring attorneys
- The exact location in Virginia where the estate plan is created
- Costs associated with structuring trusts, or other special arrangements
The fact is that estate planning costs vary to reflect the many types of estates. Even in Virginia, where the law can be simple, there’s no blanket formula to calculate these things. However, our Richmond law specialists can help you reach an approximation of associated costs.
What Is the Most Important Decision in Estate Planning?
The most critical decisions in estate planning support the tasks that build strong, lasting, and secure legacies for beneficiaries. When every interaction between clients and lawyers follows those guidelines, there’s little chance of having less than a good planning experience. Contact us for a free consultation to learn how our family law services can support your estate plans.
One integral area every good law firm will assist in is estate planning documents. The documents state the details of how the estate plan will be executed. The documents usually assist factors like:
- Medicaid planning
- Instructions if the testator is on life support
- Trust administration guidelines
- How to proceed during the probate period
- Details of a living trust
- Details around taxes and
- Guidelines regarding minor children vs. adult children
Some key factors are more commonly acknowledged than others. For example, issues like how divorce and second marriages affect estate plans are common, as percentages can shift during these events. Elder care is another example. Some estates will stipulate that an elder who loses mental competency will have their wealth managed via fiduciary litigation.
The probate process is a good thing for anyone in Virginia to talk with a lawyer about. Probate gives six to twelve months for the estate administration to get all the financial affairs of the estate in order. It’s the job of lawyers in Virginia to know all of these little nuances about estate planning, so you don’t have to.
What Topics Are Covered in Estate Planning?
During estate planning, Richmond VA lawyers inform clients of what they feel are the best and worst management strategies for their clients’ estates. They also can teach how to estate plan efficiently. This is great for Virginia, where issues like probate can get tricky, and things like business succession planning aren’t even required for a last will and testament.
Some topics covered in estate planning include :
- Living trusts
- Durable power of attorney
- Wills
- Transference of property
- Posthumous distribution of assets and finances
- Stipulations for beneficiaries to qualify
- Probate Process
- Generation-skipping trusts
How Much Does a Simple Will Cost in Virginia?
In Richmond Virginia, you can get a law firm to draft you up a will for as little as $195. As with the rest of these matters, a Richmond VA family attorney can be a game-changer. A family attorney from a reputable law firm in Virginia can typically help you get the most service for your money.
Virginia Estate Planning Counsel Made Simple
Virginia estates are about more than leaving things to family members. It’s about how to leave something that provides incentives for the beneficiaries to abide by the guidelines laid out in the estate plans. Estate planning law works to protect the integrity of the vision that the testator has for what their wealth and efforts will do through the beneficiaries once they’ve passed.
When you work with a law office that becomes your conversation partner around the difference between leaving an inheritance and leaving a legacy, then you’ve probably found the right law office to do business with. Contact Richmond estate planning lawyers at Hazelwood Law for professional medicaid planning, will execution, and ways to protect family members left here to deal with the estate.