Why You Should Have a Will in Virginia
Tomorrow is never guaranteed. This is what makes having a will even more important. You’ve worked hard for what you have today. And it would be a shame to leave everything in turmoil and shroud your loved ones in uncertainty after you pass.
A last will is a legal document that has step-by-step, authenticated and notarized instructions on how you wish to have your estate planning distributed after you pass away. A last will and testament make it easier for your heirs to plan and distribute your estate properly and legally with peace of mind.
When drafting your last will and testament in Virginia, it is wise to consult an experienced legal professional or an attorney who will function as your point-man. Because the legalities surrounding a last will and testament can potentially be complex, your legal representative will be able to help you navigate the process.
The Benefits of Having a Will in Virginia
You Can Decide and Appoint a Legal Guardian for your Minor Children
A revocable living trust or deed will can help make it easier for you to appoint a legal guardian for your children (minors) in the event of your death. If you don’t, then the courts will attach a legal caretaker of your children.
Streamline the Probate Process
Probate is a series of legal phases your last will and testament will go through to become valid.
You Can Potentially Reduce your Estate Taxes
By legally drafting your last will and testament, you will lawfully be entitled to consider numerous strategies that can help lower your estate taxes.
Powerful Reasons to Have a Trust in Virginia
Like a last will and testament, a revocable living trust or “trust” for short, provides you with numerous estate planning alternatives you can utilize to legally and proficiently allot your assets to rightful heirs. But what’s great about developing a trust in Virginia is that they offer a diverse range of advantages that a traditional will and testament don’t.
So, in some ways, preparing a trust could potentially be ideal compared to a will, allowing you (as a Virginian) to distribute your estate to the stipulated beneficiaries after you pass away.
Top Reasons to Have a Trust in Virginia
- One of the best reasons to have trust in the state of Virginia is that they aren’t subject to the probate phase. Probate is a lawful, lengthy, and in some cases, cost-intensive process that may take a long while to transfer your estate to your heirs.
- Trusts can be a great way to instil a sense of privacy. You have to understand that a probate is accessible to public viewing. This means third-party entities may be able to view your assets and could potentially commit fraud. A trust, on the other hand, is a completely private affair.
- Trusts give minor children the right to access your estate and assets without any legal intervention. In contrast, leaving assets to your children in a will is subject to court oversight.
- Trusts can also be a great way of transferring your assets to the handicapped members of your family, who will also be entitled to government benefits, such as receiving Social Security benefits and/or Medicaid.