Wakefield Law Blog

So – you’re jumping into starting a new business – there’s so much to do and so much to think about!  There’s a business plan, finding customers, honing the product, hiring the right employees and supporting professionals (accountants, consultants, etc.).  One point that gets overlooked often is how the business needs to be set up from the start.  At Wakefield Law, we have been representing Virginia businesses for over thirty years. Of the hundreds of businesses we have represented during this time, we have seen every stage of business development. We’ve worked with companies from their fledgling months to those that have been around for generations. If we are lucky, we are offered a glimpse into a business before it has even begun. In these instances, we get to work with entrepreneurs and business-minded people to help them make smart choices for their business. Getting the business structure right from the start is one of the best ways to set your business up for success. 

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When running a business, it's essential to ensure that your contracts are not only thorough but also are tailored to protect your interests. At Wakefield Law, we frequently advise our clients on the critical elements that should be included in every business contract as we work with them.  If a contract is missing vital provisions, you may not have as many options when it comes time for enforcement and you may be leaving yourself open to significant cost that is not necessary.  In this article, we highlight three key provisions that can safeguard your business and streamline the resolution of potential disputes: the attorney's fee provision, the choice of law and venue provision, and the notice provision.  **Speak with your attorney to make sure these, and many other provisions, are right for your contract!

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When we’re discussing estate planning with our clients, we’ve learned that most people think of estate planning as mostly being for the uber wealthy—those with vast assets, multiple properties, and considerable investments. However, the reality is that estate planning is essential for everyone, regardless of the size of your estate.

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Every parent hopes to raise independent children.  Obviously, the goal is to teach them right from wrong, how to build a happy and successful life, and maybe the future generations can make the world a better place for us all.  In estate planning, we talk about all sorts of underdiscussed areas, but this one might be the biggest one.  How do we keep our children safe and ensure we can be a support/decision-maker for our children who have reached the age of eighteen?  Many of our parent clients have questions about how to keep their children safe even when they are leaving home for the first time.  It seems strange to even consider estate planning as a factor to discuss with young men and women that have just turned eighteen, or who are going back to college, but there are a couple of really important considerations for our college-aged children when they are leaving the nest. 

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At Wakefield Law, we have been specializing in the collection of unpaid debts for individuals and businesses since 1995.  In the world of business, so many important topics can demand our attention.  Provision of services, sourcing of materials and supplies, customer service, contract drafting, marketing, and succession planning are just a few topics that our clients deal with every day.  However, one topic also demands a business owner’s attention – collection of invoices.  Setting up a process to collect money owed to your business is a critical component to the success of your business.  Unfortunately, no matter how professional and skilled a business owner is, there will always be issues with accounts receivable.  Keeping the unpaid and overdue accounts in check can be vital to the health of your business.  The last thing a business needs is unpaid invoices accumulating quickly, causing a significant threat to cash flow. While there are several methods to collect these overdue payments, engaging a lawyer to perform debt collection legal services using a contingency arrangement can be a particularly effective and low-risk strategy. Here's why turning your collections over to a lawyer can streamline the process and enhance your chances of recovering what's owed to you.

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“I don’t need to do estate planning, I don’t have millions of dollars!”  “I’ll get to it when I’m older or if I get ill, I’m healthy and don’t need to think about it now.”  “My family gets along.  If something happens to me, they won’t fight and end up in court.”  These are some examples of things we hear from clients all the time at Wakefield Law.  Unfortunately, since this is one of the areas in which we specialize, we see the other side of things and how families and finances can go sideways after death or incapacity.  Planning for the future responsibly is not tied to having a certain value of assets or impending illness.  Making plans for the “God-Forbids” is the most loving thing you can do for those close to you.  It involves some difficult decisions, particularly when it comes to the well-being of minor children, but it’s one of the only ways you can take unnecessary suffering from your loved ones if you’re not around anymore. With our clients, we always stress that one of the most crucial steps you can take as a parent is to designate guardianship for your children in the event that you are no longer able to care for them. This blog post will explore the importance of both permanent and temporary guardianship and highlight the need for a comprehensive estate plan to ensure your children’s needs are met immediately and efficiently.

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It’s wedding season! Once again, we ring in the springtime with wedding bells and a flurry of “I dos.” From the moment you “kiss the bride (or groom),” break the glass, or bind your hands together, your relationship with your partner takes on a new financial and legal meaning. As a newly married couple, you are now entitled to certain benefits that come with marriage, as well as some added responsibilities.  

These responsibilities, including being there for one another “in sickness and in health,” do take some advance planning. However, this doesn’t have to be a painful process, as long as you take care of it well in advance. At Wakefield Law, we recommend taking care of your estate plan as early as possible in your married life. If you don’t yet own a home or have children, now is the perfect time to create a plan that can be easily updated and adapted as your family grows and changes. If you and your spouse are entering into marriage with children from previous relationships, creating a plan becomes essential. Blended families are a beautiful thing, but the default laws of the Commonwealth of Virginia may not reflect how you would like your estate plan structured. You will need to craft a unique plan to protect your unique family.

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At Wakefield Law, we run across contracts every day, but so do you!  From clicking yes to terms and conditions online, signing up for a gym membership, filling out paperwork at the doctor’s office, signing a lease, or even exchanging emails to discuss terms with a contractor, we rely on contracts to define terms of deals and to show parties exactly what their responsibilities are in a business environment. But what exactly makes a contract legally enforceable and binding? What are the essential elements that ensure clarity, enforceability, and fairness? Let's delve into the fundamental components that make up a contract.

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At our firm, we work with couples every day on their estate planning documents.  Often, our clients are married and have children.  However, very frequently, we work with long or short term committed partners on their estate plans.  For them, estate planning is absolutely critical.  The standard inheritance laws in Virginia are built with married partners with children in mind.  If you don’t have an estate plan, sometimes the law would still mirror how you would want your assets distributed at the time of your passing.  But, just as likely, the law could have a structure that is the exact opposite of what you might want.  Also, we always ask our clients who they would want making financial or medical decisions for them should they not be able to make those decisions for themselves.  It might be a trusted friend, a partner, or a parent.  A well-drafted estate plan, is the only way to be sure that what you want to happen with your assets will happen and the right person is stepping up for you at the most crucial moment.

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This week’s blog is about probate – often, our clients have little experience or knowledge about what probate actually is.  Probate, often regarded as a complex and daunting process, is a legal process that occurs after someone passes away (the person who has passed away is referred to as “the decedent.”) It involves validating a deceased person's will, inventorying their assets, settling outstanding debts, and distributing assets to the decedent’s beneficiaries.  When someone is grieving, it’s extremely difficult to handle and wade through the intricacies and obstacles that arise in probate.  With our clients, we always discuss the process, educate clients about strategies, and implement processes to mitigate or avoid the probate process altogether.

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In the realm of estate planning, individuals often overlook the significance of designating beneficiaries or “pay on death” designees for their financial accounts such as retirement accounts, life insurance policies, and bank accounts. While many opt for the simplicity of naming family members directly, there can be significant benefits in naming your trust as the beneficiary for these accounts instead of naming your living individual beneficiaries.  At Wakefield Law, we often advise clients through complicated subjects like potential beneficiaries predeceasing them, protecting beneficiary’s assets while they are too young to handle funds, and protecting beneficiary’s assets from creditors and from divorce.  Let’s dive right in to these topics.

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At Wakefield Law, we work with businesses every day.  Whether we are focused on a specific issue or making sure legal processes are put in place on a larger scale for the business, we talk about contracts at every turn.  In the fast-paced business environment, where the growth and volume of your business, alongside your business’s reputation, are paramount, making sure you have a well-written contract can often fall by the wayside. While handshake deals may seem convenient and friendly at first glance, they often lead to misunderstandings, conflicts, and legal disputes down the line. In this blog post, we'll delve into the crucial role that contracts play in business operations, emphasizing why they are essential for ensuring clarity, avoiding conflicts, and providing a structured framework for enforcing agreements.

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At Wakefield Law, we have been helping clients with personal injury claims arising out of car accidents since the early 1990s.  Car accidents can be devastating, leaving behind physical injuries, emotional distress, and financial burdens. When navigating the aftermath of such an event, seeking the guidance of a personal injury attorney can make a world of difference. While many people are aware that attorneys can assist with legal proceedings and negotiations, there are several lesser-known ways in which these professionals can support individuals in their car accident cases.

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At Wakefield Law, many of our clients are parents.  Other than parents, we often represent individuals who want to gift their assets to younger beneficiaries like nieces, nephews, godchildren, or beloved family friends.  Whether we are working with clients who have minor children, or whether we are working with clients who have “adult” children (who may have some maturing left to do or need some financial experience), the concept of protecting the beneficiaries from too much money too soon is a common subject we focus on.  Inheritance planning is not merely about passing on assets to your children or younger beneficiaries; it's about ensuring they receive these assets in the most responsible manner. While the instinct may be to leave everything to your loved ones outright, doing so can potentially harm their development and financial stability, or even squander the assets you have accumulated through hard work throughout your lifetime.  This article delves into the importance of responsible inheritance planning and offers strategies to safeguard the financial future and development of your beneficiaries.

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Estate planning is complicated.  Clients walk through our doors every day for estate planning, and many of them say the same things about their familial or financial situations:  Everything is simple and all I need is a simple plan.  However, even when there aren’t complications necessitating a profoundly complex estate plan, there are still many details and considerations that must be dealt with to make sure an estate plan will work and will work well.  This is not a low-impact issue – we’re discussing financial management that ensures your assets are distributed according to your wishes and that your loved ones are provided for in the event of your passing and the provision for family and loved ones potentially long after you’re gone. While there are various low-cost online tools and software available that claim to simplify the process of creating essential documents such as a Will, Power of Attorney, Advance Medical Directive, and Trust, it is essential to recognize the potential risks associated with using these tools without the guidance of a qualified lawyer.

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If it wasn’t in writing, it didn’t happen! In the business world, deals are often sealed with a handshake and a verbal commitment. This can feel like the straight-forward, traditional way to make deals with others, but actually, failing to memorialize deals and agreements in writing is bad for everyone involved.  While a handshake deal may seem like a convenient and friendly approach, relying solely on oral agreements can lead to significant risks for our potential clients. In this blog, we will explore the pitfalls of oral agreements and emphasize the critical importance of formalizing business transactions and detailed agreements through writing to protect your legal rights.

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Often, when people think about working on an estate plan, they think about putting a Will together to list where all their assets will go.  People can think estate planning is only for the older generations or for the supremely wealthy.  However, something that really isn’t talked about is how important the creation of a Power of Attorney (POA) and Advance Medical Directive (AMD) is, regardless or age or economic status.  Putting a plan together and making sure you are protected should you ever be in a position where you need help is irrespective of age or financial status.  Having these legal documents in place is crucial for every individual. This blog post aims to shed light on the significance of a Power of Attorney and Advance Medical Directive, emphasizing that these documents are essential tools for ensuring that your wishes are respected, no matter your circumstances.

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Contracts are the backbone of business relationships, providing a framework for parties to define their rights and obligations. However, when these agreements are violated, our clients have asked themselves what options they have and how quickly they need to move to protect their rights.  In Virginia, understanding the Statute of Limitations for breach of contract is crucial. This legal time limit dictates how long a party has to initiate legal proceedings following a breach. In this article, we'll delve into the intricacies of Virginia's Statute of Limitations, explore the nuances between oral and written contracts, and examine how certain actions can toll the limitations period.

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Estate planning is a critical subject for all individuals and families.  It’s not just the very wealthy that need to make sure they have advance planning documents in order.  Whether you are 18 years old or 100 years old, and whether you have accumulated substantial assets or are just getting started, there are concepts within the umbrella of estate planning that are profoundly important.

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