Parker, Pollard, Wilton, and Peaden - Attorneys at Law

Category Archive: Special Needs Planning

  1. Paula Peaden speaks at Virginia Coalition for the Prevention of Elder Abuse, Inc. 26th annual conference

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    Paula Peaden speaks at the 26th annual conference of the Virginia Coalition for the Prevention of Elder Abuse, Inc. at Kingsmill Resort & Conference Center. The convention focus was Renew, Refresh, Refocus: Elder Abuse Prevention in Times of COVID.

    Ms. Peaden discussed What is a Fiduciary? Representative Payees, Trustees, and Court-Appointed Conservators in Virginia.

    It’s not your money! If you have been named to manage money or property for someone else, you are a fiduciary. The role of a fiduciary is a serious one and carries with it legal responsibilities to act only in the best interest of the principal, the party whose assets you are managing, not your own. Ms. Peaden discussed the different kinds of fiduciaries and their responsibilities under the law in Virginia. She provided tips on both making financial decisions for someone else as well as protecting assets from fraud and scams.

    If you wish to discuss how you can have Paula Peaden and the law firm of Parker Pollard Wilton & Peaden become your fiduciary or have questions that about your role as fiduciary, or know of a loved one who is may need assistance, please contact us at or (804) 262-3600.

  2. Power of Attorney and Conservators: Important Planning Tools

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    A power of attorney enables you to select who it is that you would want to handle your affairs in the event of your incapacity, as opposed to having the court decide this for you.  The primary purpose of a power of attorney is to give one or more persons the legal authority to handle your assets on your behalf during your lifetime.  Absent a power of attorney, if you become legally incompetent to handle your legal affairs and otherwise direct the disposition of your assets, the court would have to appoint someone to act on your behalf with respect to your property.

    This court-appointed person is called a conservator. More often than not, the person appointed as your conservator is the person closest to you and the one you would want to serve in that capacity in any life-altering event, such as your spouse and/or one or more of your children.

    Appointing a conservator before incapacity is a good idea. It avoids the related expense associated with having to go to court to have a conservator appointed and to have accountings filed with Commissioners of Account. The process can also avoid having a court declare you as being legally incompetent to handle your legal affairs, thereby depriving you of your right to make decisions on your own behalf.