Montgomery County Wills, Trusts & Estates Attorney Located in Christiansburg
Protecting your assets for your family’s future through responsible estate planning is essential as you grow older. Whether you have significant assets that you want to place in a trust, or you want to make sure that your valuables go to specific loved ones when you die, setting up your Will and planning your estate distribution is so important. You don’t want to wait until you become impaired, or you need to receive nursing home care before preparing your estate.
Through trust creation, any assets that you have can be protected for future use by you or your family members, should you require long-term care in a nursing facility. You can also protect a disabled offspring from losing out on their benefits, by creating a trust that will be funded only when you die. By creating a trust for a disabled adult, you ensure that they keep the benefits entitled to them while at the same time have access to a trust that can supplement their care.
Even if you don’t have much in assets, a Will is an important document to have. In this form of estate planning you don’t have to be specific about dollar amounts or property. You can simply allocate a percentage of your final estate to any heir, adding up the total percentage of disbursements to 100%. Whether you choose to leave assets to all your heirs equally, or you want to leave certain percentages to each person is up to you. You can also use a Will to designate guardians and conservators for any minor children you may leave in the event of an untimely death of both parents.
As part of your estate planning, Attorney Caldwell can draft a Medical care proxy, or “Advanced Medical Directive” and a Durable or “Springing” Power of Attorney to allow people you trust and rely on to help you make decisions about your health care or property when you are not able. These documents are vital to making rational and reasonable decisions at a time when emotions are at a very high level and people may not be thinking as clearly as they should.