Business Details
About
Estate Planning Attorney
Located in Richmond, The Law Office of Douglas E. Crockett, J.D., M. Div. provides estate planning, wills, and trusts throughout all of Virginia.
Location
The Law Office of Douglas E. Crockett, J.D., M. Div.
3900 Westerre Parkway, Richmond, VA
23233, United States
Hours
Frequently Asked Questions About The Law Office of Douglas E. Crockett, J.D., M. Div.
What is estate planning?
Estate planning is the process of arranging for the distribution of one's assets after death. In the United States, competent adults have the right to decide how their property will be distributed, with some exceptions such as spousal rights. A comprehensive estate plan also includes strategies to minimize taxes and settlement costs, and addresses the management of assets in case of death or disability. It should also include healthcare directives for situations where you're unable to make decisions yourself.
Why is it important to establish an estate plan?
Establishing an estate plan is crucial to ensure your assets are distributed according to your wishes. Without proper legal arrangements, state intestacy laws will determine asset distribution, which may not align with your intentions. This can lead to higher estate taxes and potential family disputes. An estate plan helps avoid the public, time-consuming, and potentially expensive probate process. It also allows you to designate someone to manage your affairs if you become incapacitated, preventing the need for court-appointed guardianship.
What does my estate include?
Your estate encompasses all assets you own globally, including your home and other real estate, business interests, share of joint accounts, full value of retirement accounts, life insurance policies you own, and property held in trusts over which you have significant control.
How do I name a guardian for my children?
To name a guardian for minor children, you should designate a person or persons in your will to be appointed guardian(s) over their person and property. It's advisable to name at least one alternate guardian in case the primary guardian cannot serve or isn't appointed by the court. Note that if a surviving parent lives with and has custody of the minor children, they automatically remain the sole guardian, regardless of other guardians named in estate planning documents.
What estate planning documents should I have?
A comprehensive estate plan typically includes several key documents: a living trust, a pour-over will, a durable power of attorney for property, a durable power of attorney for health care or health care proxy, a living will, and a HIPAA authorization form. Each of these documents serves a specific purpose in managing your affairs and expressing your wishes for healthcare and asset distribution. It's important to have these documents prepared by an attorney who can tailor them to your specific family and financial situation.
What is probate and why does everyone want to avoid it?
Probate is a court-managed process for administering a deceased person's estate. It involves validating the will, appointing an executor, inventorying assets, paying debts and taxes, and distributing remaining assets. People often seek to avoid probate because it can be time-consuming, expensive, and public. A properly drafted and funded living trust can help bypass this process, allowing for more efficient and private asset distribution.
What is a revocable living trust?
A revocable living trust is an estate planning tool that holds legal title to your assets while allowing you to maintain control during your lifetime. It provides for asset management during incapacity and efficient, private transfer of assets upon death. As the grantor, you typically serve as the trustee and beneficiary during your lifetime, designating successor trustees to manage the trust according to your instructions after your death or incapacity. The 'revocable' nature means you can modify or terminate the trust at any time.
What are the advantages of having a living trust?
A living trust offers several benefits over a will. It allows for immediate asset transfer after death without court interference, provides for management of affairs during incapacity without guardianship proceedings, and avoids the potentially costly and time-consuming public probate process. A well-structured living trust enables private, flexible, and efficient estate administration, often at a lower cost than probate.
Will I lose any control over my property if I create a revocable living trust?
Creating a revocable living trust generally does not affect your control over your assets. As the trustee, you maintain complete control over trust assets while mentally competent. You can conduct transactions as before and continue to file the same tax returns. The trust can be modified or revoked at any time. Upon incapacity, your designated individuals can manage assets according to your instructions. After your passing, the trust becomes irrevocable, and your successor trustee(s) will implement your wishes as directed.
Do I have to transfer all my assets to my living trust?
Not all assets need to be transferred to a living trust. Assets with beneficiary designations, such as life insurance policies, annuities, and many retirement accounts, typically transfer outside of probate. Certain bank accounts set up as payable-on-death or in-trust-for accounts also pass directly to named beneficiaries. However, it's important to consult with an experienced estate planning attorney to determine which assets should be transferred to your trust for optimal estate management.
What services does The Law Office of Douglas E. Crockett provide?
The office specializes in estate planning, wills, trusts, seminars, and creating living trusts throughout Virginia.
What are the office hours and holiday closures for The Law Office of Douglas E. Crockett?
The office is open Monday through Friday from 9:00 AM to 5:00 PM and is closed on weekends and major holidays such as Christmas and New Year's Day.
How can I contact The Law Office of Douglas E. Crockett?
You can reach them via local phone at +18043286500, main phone at +18042062982, alternate phone at +17576194228, or email at lawofficeofdouglascrockett@gmail.com.
What payment options does The Law Office of Douglas E. Crockett accept?
They accept American Express, Cash, Check, Discover, MasterCard, PayPal, Visa, and Zelle.
What languages are services offered in at The Law Office of Douglas E. Crockett?
Services are provided in English.
What is a revocable living trust and how can it benefit me?
A revocable living trust holds your assets while allowing you to maintain control during your lifetime, helps manage affairs during incapacity, and enables private, efficient transfer of assets upon death, avoiding probate.
Can you explain the importance of estate planning?
Estate planning ensures your assets are distributed according to your wishes, helps avoid costly probate, reduces taxes, prevents family disputes, and allows for management during incapacity.
How do I name a guardian for my minor children in my estate plan?
You can designate a guardian for your children in your will, including alternate guardians, to ensure their care if you're unable to provide it yourself.
What nearby services can clients access when visiting The Law Office of Douglas E. Crockett?
Nearby clients can visit Beacon Hill employment agencies, WebFX marketing agency, and Mobile YumYum Food Truck for catering and snacks, making their trip productive and convenient.
Are there entertainment or wellness options near The Law Office of Douglas E. Crockett?
Yes, clients can enjoy music at Skyline Richmond venue and find mental health support at Home Care Assistance of Richmond or Tandem Telehealth Psychiatrists nearby.
What other professional or business services are located near The Law Office of Douglas E. Crockett?
Nearby businesses include Clarke Energy Fund Management for investing, Richmond Green Properties for property management, and Rainmaker Marketing Advisors, LLC. for advertising services.