Estate Planning For Virginians
An estate is comprised of everything you own; your car, home, bank accounts, investments and all other personal or real property. Estate planning is making the plan in advance and naming whom you want to receive the things you own after you die. The lack of an estate plan may become detrimental to your family members since the state will become in control of your estate if no direct plan is available. Here at Anderson Legal Group, PC, our attorneys specialize in drafting estate plans to fit the needs of our clients and ensure that property will be transferred smoothly when the time comes.
An estate plan is typically comprised of a will, a power of attorney (POA), an advance medical directive, and possibly a trust. A will provides your instructions, but it does not avoid probate (the judicial process of proving a will). Any assets titled in your name or directed by your will must go through your state’s probate process before they can be distributed to your heirs. A power of attorney (POA) is a document that essentially allows you to sign over the right for someone else to sign numerous documents on your behalf if you are not able to. An advance medical directive is similar to a POA in that you are signing over authority to another person, but it deals specifically with medical issues and lays out exactly what you would like to occur, or not occur, in your final days. A trust is also a possibility when making an estate plan, it is typically the lengthiest document and used in larger estates. A trust is beneficial because, if written correctly, it can avoid the probate process thus giving your estate and your family more privacy.
Estate Planning
At Anderson Legal Group, PC, we want to help you ensure that your family’s future is set in case of an unfortunate incident. We understand that broaching such topics can be difficult, so when you work with our wills and trusts attorney, you can count on legal service that is not only professional but empathetic as well.
Our primary priority is to ensure your protection and meet all of your legal needs. With years of experience in legal matters, you can rest assured that you will receive the protection that you need when you need it and that we can create a will or trust for you that is orderly and clear.
Frequently Asked Questions About Estate Planning In Virginia
Estate planning is a complicated process. If you want to learn more about your estate planning options, it is important to ask good questions. Here are some common ones:
What is the difference between a will and a trust?
A will and a trust both help manage and distribute your assets after you pass away, but they work differently.
A will is a legal document that outlines who gets your property and who will take care of any minor children. However, it only takes effect after you die, and it usually has to go through a process called “probate,” which can be both lengthy and complicated.
A trust, on the other hand, takes effect as soon as you create it and can be used while you’re still alive. It allows you to transfer assets into the trust and name someone (a trustee) to manage them for your benefit or your chosen heirs. One big advantage is that a trust avoids probate, meaning your assets can be passed on more quickly and privately.
In short, a will is simpler but goes through probate, while a trust can offer more control and avoid probate. Many people use both.
What happens when someone dies without a will?
Dying without a will is called dying intestate, and the deceased’s estate will be managed by the state. An administrator will distribute the estate’s assets according to Virginia’s intestate succession laws. Typically, this means that assets are distributed to the deceased’s closest living relative, such as a spouse, child, sibling or parent. This can be very disruptive to the deceased’s survivors and contraindicate the deceased’s actual desires.
When should I update my estate plan?
An estate plan should be updated every three to five years. However, you should update an estate plan earlier if you experience:
- Marital status change
- The addition or loss of a family member
- Income or asset changes
- Medical condition changes
You may need to make crucial changes to your will, trust, power of attorney or child guardian if there is a major change in your life.
Why do I need a lawyer for estate planning?
DIY estate planning can lead to many problems because of incomplete information, contradictory terms and failures to follow formal procedures. Having a lawyer for estate planning can help ensure your plan best suits your needs and your legacy is protected.
Our Other Legal Fields
Anderson Legal Group, PC, also offers its expert legal representation and counsel in a range of other legal practice areas. From business law to real estate litigation, turn to us when you need a team of caring and competent legal advisors.
If you’re thinking about protecting your family for when you are no longer able to, please contact our office today.