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Wills and trusts will ensure that families are protected

On Behalf of | Nov 6, 2019 | Wills And Trusts

Death is one of the few guarantees in life. Although death is inevitable, its a subject that is never easy to talk about. However, in the event of death, having a plan will ensure that assets and families are protected. Unfortunately, it’s not uncommon for families in Virginia to put off planning for death until it’s too late. Wills and trusts are often thought of as things that only rich families use, but these plans can be used by all families.

For families, having a will or a trust will save money and time. When death occurs without a will or a trust, assets that are left will go through the probate process. Probate is a process that can take several months and can be expensive, thanks to court costs and fees for attorneys. Also, anything that goes through probate becomes part of the public record, so privacy is forfeited. 

A will allows a person to decide how he or she would like belongings and assets to be distributed upon death. A trust is similar to a will, but a trust can take effect before death. Also, a trust can protect assets from creditors and during divorce proceedings.Without a will or a trust, probate courts will ultimately decide how assets are distributed.

Regardless of economic status or age, planning for the future is never a bad idea. When the inevitable happens, having a plan in place will not only ensure that finances and assets are protected, a plan will protect loved ones. Those in Virginia who have questions regarding wills and trusts should consider discussions with a knowledgeable and experienced legal representative.