There is no one right way to do an estate plan. However, there are certain elements that all proper estate plans have in common. At its most basic level, an estate plan should address not only what will happen when you pass away but what will happen should you become incapacitated. Bosson Legal Group attorneys David Showalter and Bryan Bishop provide comprehensive services to meet all your estate planning needs, including: drafting every kind of basic and intermediate estate-planning document, coordinating intergenerational and business succession planning, and administering every kind of situation arising out of incapacity or death (resorting to litigation if/as necessary).
Estate planning
There is no one right way to do an estate plan. However, there are certain elements that all proper estate plans have in common. At its most basic level, an estate plan should address not only what will happen when you die but what will happen if you become incapacitated. Further, a good estate plan always includes four basic elements.
1. Advance medical directive
2. Healthcare power of attorney
3. Durable general power of attorney
4. A testamentary document (for example, a last will and testament or a revocable living trust)
Our estate attorneys will help you navigate the process of creating an estate and make a plan that’s right for you.
Probate
When you die, assets you individually own or have an interest in are often “stuck” in your name. This applies also to tenants in common (like owning real estate with your siblings). Probate is a court-supervised process of ensuring that your creditors get paid and your assets get transferred according to the terms in your will. If you have not signed a will, every state has an “intestate” (literally meaning “without a will”) statute that determines who inherits your wealth by default. There will be a separate probate in each state in which you own real estate. Probate can be a burdensome process, and it is fraught with perils for those unaware of all it entails. Our attorneys have more than twenty years combined experience navigating probate in Virginia, Maryland, and Washington DC. Whenever you find yourself overwhelmed by your duties as an executor, you can rely on us to help you through.
Trust creation & administration
Trust administration is the process of managing assets in a trust under three circumstances: 1)While you are alive and not disabled, 2) While you are disabled (incapacitated), and 3) Upon your death. Unlike a person, a trust never becomes disabled and it never dies. However, any assets that remain in your name solely rather than being jointly titled or (better) titled in the name of a trust will typically be dealt with using either a power of attorney, a court guardianship, or conservatorship, and upon your death those assets frequently must go through the expensive and burdensome process of probate. Contact us to speak about our trustee services.
Revocable life insurance trust (R-lit)
Every married person does well to insure his/her life and name his/her spouse as the primary beneficiary of the death benefit. But if that person is also a parent, then crucial for the protection of the children is a well-thought-through contingent beneficiary designation. As a prudent parent, you’ve likely purchased a life insurance policy. Yet even the best life insurance, without proper planning, is only half a solution. Our attorneys have developed a safe and simple way to meet these challenges quickly, reasonably, and effectively. The R-LIT is a little known financial solution we’ve designed for you to budget the delivery of your life insurance to your children over time. The benefits you reap from the R-LIT are substantial, and ensure your children will have the benefits of the insurance funds when they need it.
Litigation
Even with the best-planned estates, disputes can arise between co-fiduciaries, between beneficiaries, and between fiduciaries and beneficiaries. We view litigation as a last, but sometimes necessary, resort. Because these disputes involve family members, it is preferable to solve disputes without invoking the cost and acrimony of a lawsuit. After all, most people build up wealth to benefit their family, not to create rifts within the family. In our experience, it is helpful for all parties to sit down with a seasoned professional who can provide an objective assessment of the rights and obligations of the respective parties. If the parties are willing, doing so can prevent molehills from becoming mountains. When parties cannot resolve their differences amicably, we can protect executors and trustees from aggressive beneficiaries who have unreasonable expectations. We can also protect beneficiaries from breaches of fiduciary duties by executors or trustees and help resolve ambiguities in estate planning documents by seeking court guidance. Contact us to speak with attorneys regarding potential estate disputes.