Lifetime Protection Plan®

Just as a car needs regular maintenance, your estate planning documents need to be updated from time to time. Changes to the law and significant events in your life could alter the way that you originally meant to apportion assets in your estate planning documents. The only way to ensure that your estate plan truly reflects who you are, what you care about, and what you have today is to have your documents reviewed and updated as needed.

So, when are updates needed?  Have there been any changes in your family structure, financial circumstances, or health? The list below pinpoints certain examples of events that could have a significant impact on your estate.

  • You get married or divorced
  • Your spouse dies or becomes incapacitated
  • You become ill or disabled
  • You have a new child
  • Your child marries or divorces
  • Your child becomes ill or disabled
  • You have a new grandchild
  • One of your beneficiaries shows signs of being financially irresponsible
  • One of your beneficiaries develops a drug or alcohol problem
  • The value of your assets has significantly increased or decreased
  • You retire or change employment
  • You acquire property in a different state
  • You move to a different state
  • There have been changes in the law that may affect the language of your documents.

Even if no changes are necessary, you should annually sign an updated Powers of Attorney. Some financial institutions won’t accept a Power of Attorney more than a year old. Similarly, the older an Advance Medical Directive is, the less likely it is that it will be honored by a doctor or hospital.

Don’t let too much time pass between reviews of your plan. The cost of a review is minimal, but the cost to your family if you neglect your plan could be disastrous. If any of these changes have happened to you or if you haven’t updated your estate plan in the last few years, the time is now.

Where to begin

You should begin the review process by locating the originals (or copies) of your estate planning documents. (If changes are necessary, please do not make notations on any original document, although it is fine to mark up a copy.)

  • Review the Estate Planning Summary (a one-page list, located at the front of the binder). Verify that the people you originally named to handle your affairs upon your death or disability are still the people you want to take on these important tasks.
  • Review the Article in your Trust (and/or your Will) which lists your Beneficiaries. Are these still the people who should receive your assets upon your death?

The Farr Law Firm’s Lifetime Protection Plan®

The Farr Law Firm’s Lifetime Protection Plan® ensures that your documents are properly reviewed and updated as needed, so that they will have maximum effect at law.

Your plan may need to be updated for any of the reasons listed above. Some changes (such as changing one fiduciary for another) can be made without a consultation. Other changes may require an additional consultation, but as a member of our Lifetime Protection Plan®, the consultation with an attorney or paralegal will be at no additional charge.

In addition to ensuring that your Powers of Attorney are recent (and therefore more likely to be accepted) there are other benefits to Lifetime Protection Plan® membership, including:

  • Free Document Updates: Around one year after your initial document signing, and every year thereafter as long as you maintain your LPP Membership, we will:
    • Send you a reminder to review your Estate Planning Particulars (located at the front of your Estate Planning binder) and to review your beneficiary designations. Your review should give primary attention to the people or entities you have named to handle your affairs, and the people or entities you have chosen to receive your assets. You should pay particular attention if there has been a change in your family structure (e.g., a marriage, divorce, birth, adoption, or death), a substantial change in your financial circumstances, or a change in your health.
      ii. Send you an Annual LPP Checklist to help you determine whether substantive changes should be made to any of your estate planning documents. This Checklist should be returned to us by mail or fax or email once completed.
    • Send you an LPP Invoice, payment of which renews your LPP enrollment for the following year. If you choose to continue your LPP membership, you may mail us a check or pay via credit card or electronic check.
    • Furnish you with updated documents at no charge if your completed LPP Checklist indicates that you wish to make changes. If we have questions or concerns after reviewing your Checklist, an estate planning paralegal or attorney will contact you to discuss these changes. If in our opinion the changes you request require a consultation, this consultation will be scheduled with one of our estate planning paralegals or attorneys at no additional charge.
  • Access to Attorneys and Staff. The members of our team will be available to answer your questions about your existing estate plan or funding instruments, whether by telephone, by email, or in person, as often as you would like, as part of the LPP.
    b. Free Use of Legacy Stories Website and App. Using the Legacy Stories Website and mobile App, you can compose, organize, preserve, and share your legacy stories with your family and future generations. You can use the app to preserve and curate old photos, record oral histories, preserve and share personal audio recordings that play in connection with stored photos, and much more. To learn more about all the benefits of Legacy Stories, visit https://www.farrlawfirm.com/legacystories/ and sign up for your free account.
  • Family – Advisor Meeting. Within sixty (60) days after your estate plan is completed (or as soon thereafter as you can arrange for all of your family to participate), we will provide you the opportunity, at your request, to have a family and advisor meeting with an attorney of the Farr Law Firm, family members you wish to invite, and your financial and tax advisors, in order to help ensure that your plan is fully implemented and so that we can answer any questions that your financial and/or tax advisor and/or family members may have, and explain how your plan works.
  • Coordination with Advisors. Our staff will be available to consult with your financial advisors, accountants, insurance professional, and geriatric care managers. They will also provide copies of your documents should you so request.
  • Free Contract Review. Whether you’re buying a new house, fixing up your house, about to sell your house and sign a listing agreement, signing a new lease, or some other contract for your family or small business, we will review it for free. Just call the office to make arrangements for the review.
  • Free 15-Minute Phone Consultation on Any Legal Matter. Any time you feel the need to speak to an attorney, just give us a call and we’ll help you figure out if it’s something you need a lawyer for. If it is, and we can handle it, we’ll give you a quote for what it would cost. If we can’t handle it, we will refer you to an attorney who can.
  • Free Quality Referrals. Evan Farr has been in practice in Northern Virginia since 1987 (combined, our attorneys have over 100 years of experience in the DC Metro area) and we know the top professionals in most legal fields.
  • Free Notary Service. Need something notarized or witnessed? Just drop by our Fairfax Office any time from 8:30 to 5:30 — there’s always a Notary or two in the office. If you’re in the Fredericksburg area, please call first to make sure someone will be at the office when you come. If it’s a document that you want to have us review first, please call the office first to make arrangements for the review.
  • Free Medallion Guarantee Service. When you are transferring or retitling any stocks or accounts that hold stocks, typically a Medallion Guarantee by a bank is needed. Our firm has a relationship with our bank in Fairfax whereby our bank manager will usually come to our office to provide a Medallion Guarantee for our clients. If you need this service, please call the office ahead of time to schedule this service so we can make arrangements with the Bank Manager.
  • Free Seminars and Newsletters, which can both remind you to maintain your estate plan and help educate your family members and other loved ones about it.
  • Free DocuBank Renewal. If you agreed to allow us to include your Advance Medical Directive in the DocuBank electronic registry, then we will continue to pay your annual enrollment fee. This ensures that doctors and hospitals will be able to immediately download your most recent Advance Medical Directive (and its important medical information) in an emergency.
  • Free Electronic Document Storage and Distribution. Your signed Will, Trust, Powers of Attorney and other Estate Planning documents have been scanned into our electronic database (backed up daily by three redundant methods) and will be stored there for your future access as necessary. At your request, we can upload these documents to our password-protected Extranet, so that you can retrieve copies and store them for yourself. With your permission, we can also provide access to electronic copies to anyone who might need such access.
  • Peace of Mind. Continued enrollment ensures that your planning is up to date, and you aren’t leaving unfinished business for your loved ones.
  • Personal Discounts. Lifetime Protection Plan® Members enjoy a 20% discount on any additional or upgraded legal services our firm provides.
  • Family Discounts. We are family-friendly — we give family members of LPP clients a 10% discount for any legal services we provide.
  • Upgrade Discount. If you have retained your Lifetime Protection Plan membership by paying the annual fees, and you need to upgrade your Level of Planning (for example from Level 2 to Level 3, or from Level 3 to Level 4) we will apply your initial fee towards our then-current fee for the higher Level of Planning.
  • Priority Service. As you know, our law firm stays extremely busy, servicing an average of 400 new clients per year, and it is often difficult to get an appointment as quickly as you’d like given the high demand for our services; as part of your continued LPP Membership, you will always get priority service and receive our highest level of attention.
  • Confidence. You’ll know that you have your own personal family lawyer “on retainer,” just like the rich and famous and large corporations.

We hope you decide to enroll or re-enroll in our Lifetime Protection Plan®. There is no question that you will see the value of your membership right away! For more information about details, including pricing, please call Jeannie Farr at 703-691-1888 or contact us via our contact page.