Regardless of your financial status or the extent of your assets, having a thorough estate plan is an essential aspect of planning for the future. Your estate plan should be tailored to your specific situation and wishes for the distribution of your assets to your loved ones.
In addition to making provisions for the disbursement of your assets, disability/incapacitation planning in Virginia Beach is another key part of a detailed estate plan. An elder law or estate planning attorney can help you plan for any unknown contingencies, such as incapacitation, and give you peace of mind regardless of what happens down the road.
There are multiple scenarios in which disability or incapacitation planning can and should be an integral element of your Virginia Beach estate plan. You do not need to have a pre-existing injury, disease, illness, or disability to ensure these documents are in order. In many situations, incapacitation or disability planning is a precautionary action to ensure your loved ones will know your wishes should certain circumstances arise that render you unable to make those determinations yourself.
It is better to be prepared than to leave these most personal of decisions, such as directives concerning your medical care, financial affairs, or legal affairs, to chance. If you are incapacitated or become disabled in the future, you can rest assured in the knowledge that these wishes are codified and there is no room for misinterpretation.
If you are already in a situation where you have a medical condition that you know will leave you incapable of making certain vital decisions in the future, it is also imperative that you do not delay seeking legal assistance to get your estate plan in order. An attorney can evaluate the legal structures and documents that will be most beneficial based on your current needs and situation while ensuring that your plan for the future is safeguarded.
Multiple provisions can be included in your disability or incapacitation planning in Virginia Beach pertaining to your medical, legal, financial, or family affairs. A durable power of attorney for healthcare would designate someone to make decisions about your medical care, such as determinations about life-prolonging acts, in the event you are incapacitated and no longer able to do so.
Executing a financial power of attorney will ensure you have named one or multiple people to make financial or business decisions for you should a disability or another incapacitating condition prevent you from doing so. If you have minor children, you may wish to enact specific provisions that would direct their care and welfare if you are incapacitated. For example, you may wish to designate a guardian to care for your child in the event that your condition is fatal or even in the unlikely event you pass away before they reach adulthood. These designations must comply with Virginia law and ultimately be approved by a court, however.
A revocable living trust can also be a vital legal instrument in disability or incapacitation planning. Through a revocable living trust, you can convey property to the trust while ensuring those assets are protected from probate. Moreover, you can designate a successor trustee to act in your behest if you are disabled or incapacitated in the future.
If you have questions about planning for future incapacity or disability, setting up a trust, establishing a will, or any other steps to preserve your interests and those of your loved ones, a lawyer can help. It is never too early to plan for the future.
An attorney can assist with disability/incapacitation planning in Virginia Beach, as well as other elements that you should include in your estate plan. Call now to speak with an attorney about your estate planning needs.
With an office near Town Center, Virginia Beach and a second location beside the Chesapeake courthouse, our team provides quality legal representation across the entire Hampton Roads Area.
Parks Zeigler, PLLC – Attorneys At Law
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