Welcome to Sigmund J. Collins, PLLC
Through Sigmund J. Collins, PLLC, I help people secure their future through comprehensive estate planning. Over the span of two decades, I’ve helped countless people protect their quality of life, their family, and their legacy through estate planning services in Richmond, Virginia. Reach out to me today to learn more about how estate planning can protect your elderly loved ones or give you control over your assets.
Wills and Trusts
If you haven’t put much thought into how you’ll leave your assets behind, wills and trusts are the most important starting point. With a will, you can outline your basic wishes for your estate and protect your loved ones from fractional inheritance or drawn-out legal struggles. Supplement this with trusts to support specific goals, such as donating to charity or funding a grandchild’s education.
The Importance of Wills and Trusts
Wills and trusts are foundational components of any estate plan. They ensure that your assets are distributed according to your wishes and provide clear instructions for handling your estate. Without a will or trust, the state decides how your assets are distributed, which may not align with your preferences.
Differences Between Wills and Trusts
A will is a legal document that outlines how your assets should be distributed after your death. It can also designate guardians for minor children and specify final arrangements. However, wills must go through probate, which can be a lengthy and public process.
On the other hand, a trust is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries. Trusts can be set up to take effect during your lifetime (living trusts) or after your death (testamentary trusts). Trusts bypass probate, which protect your loved ones from delay and provide greater privacy.
Avoiding Probate
Probate can often become a slow, stressful process that deprives your loved ones of privacy and their inheritance for months. However, I can help you develop a cohesive estate plan that keeps your assets out of probate.
The Solution: A Properly Funded Living Trust
Probate can be a time-consuming and costly process, but it can be avoided with a properly funded living trust. By transferring your assets into a living trust, you retain control over them during your lifetime. Upon your death, the trust’s terms dictate how your assets are distributed, bypassing probate entirely. This ensures a smoother, faster transfer of your estate to your beneficiaries.
A few benefits of a living trust include:
- Privacy: Unlike probate, which is a public process, trusts provide a private way to distribute your assets.
- Speed: Trusts allow for the immediate transfer of assets without the delays associated with probate.
- Control: You maintain control over your assets during your lifetime and can make changes to the trust as needed.
Powers of Attorney
A power of attorney (POA) is a legal document that grants someone you trust the authority to make decisions on your behalf if you become incapacitated. This can include managing your finances, making healthcare decisions, and handling legal matters.
Importance of a Power of Attorney
Having a POA ensures that someone you trust will manage your affairs according to your wishes if you’re unable to do so. Without a POA, your family may need to go through a lengthy court process to gain the authority to manage your affairs, adding stress during an already difficult time.
Types of Powers of Attorney
There are two main types of powers of attorney. The first, a durable power of attorney comes into effect for your financial affairs while you’re incapacitated. On the other hand, a medical power of attorney gives a loved one the ability to manage your healthcare while you’re unable to make decisions yourself.
Without entrusting a loved one with the powers of attorney, you may have to rely on a stranger to make important decisions during a crisis. Reach out today, and I’ll help you place these powers in the hands of someone you trust.
Advance Medical Directives
While a medical power of attorney plays an important role in emergency care, it isn’t everything. Enshrine your wishes in an advance medical directive to ensure your care aligns with your values.
What are Advance Medical Directives?
Advance medical directives are legal documents that outline your preferences for medical treatment if you are unable to communicate your wishes. This includes living wills and healthcare powers of attorney.
Role in Healthcare Decisions
Advance medical directives ensure that your medical care aligns with your wishes, even if you cannot speak for yourself. This can include decisions about life-sustaining treatment, resuscitation, and other critical healthcare choices.
Creating an Advance Medical Directive
The first step in creating an advance medical directive involves establishing a living will. This document specifies the types of medical treatment you do or do not want.
- Healthcare Power of Attorney: Appoints someone to make medical decisions on your behalf.
Special Needs Planning
A loved one with special needs may need additional care throughout their life, but I can help you both thrive. There are several special needs-oriented financial tools I can help you incorporate into your estate planning, such as a special needs trust. This aligns with the latest regulations, so you can support your loved one without compromising their eligibility for government benefits.
Achieve Financial Peace of Mind with Special Needs Trusts
Special needs planning ensures that loved ones with disabilities have the means and support to live comfortably throughout their life. This involves developing a support network, considering guardianship, conservatorship, or trustee arrangements, and otherwise taking steps to secure their personal and financial needs.
A special needs trust is among the most valuable assets for you and your loved one, as well. It holds assets for a person with disabilities without affecting their eligibility for benefits like Medicaid and Supplemental Security Income (SSI). This way, you can stretch your funds to provide the most support over the longest span of time.
Three Steps to Prepare for a Meeting with an Estate Planning Attorney
Preparing for estate planning involves several important steps to ensure that your meeting with an attorney is productive and comprehensive. Here are three key steps to take before your appointment:
– 1. Create an Estate Inventory
An estate inventory is a detailed list of all your assets and liabilities. This includes real estate, bank accounts, investments, personal property, and any debts you owe. Having a complete inventory will help me understand the full scope of your estate and create a tailored estate plan.
– 2. Consider Your Beneficiaries
Think about who you want to inherit your assets. Consider not only family members but also friends, charities, and other organizations that are important to you. Clearly identifying your beneficiaries ensures that your estate is distributed according to your wishes.
– 3. Choose Your Personal Representative, Executor, Trustee, and Power of Attorney Agent
Selecting the right individuals to manage your estate is crucial. Your personal representative (executor), trustee, and power of attorney agent should be trustworthy, organized, and capable of handling the responsibilities. Discuss your choices with these individuals to ensure they are willing and able to serve.
Book a Call
Call an Estate Planning Attorney in Richmond, Virginia
Estate planning is complex, from a legal perspective and a personal one. At Sigmund J. Collins, PLLC, I’ve taken pride in my ability to help the people of Richmond establish estate plans that match their values and secure their legacy. Reach out today to start planning for the rest of your life and beyond.