Virginia residents who are just beginning the estate planning process may have varying goals in mind. For some, the efficient process of passing on assets is one of the main goals, which includes avoiding the probate process if at all possible. For others, ensuring that a guardian is named for minor children is the primary concern. Others want to avoid tax implications for heirs and beneficiaries. Before you get started and throughout the process as well, it is important to know your wills and trusts options in estate planning.
Wills, for starters, are usually the bedrock of most estate plans. These documents help individuals and families identify how assets will be passed on and distributed. Many other details can be included in these documents as well, most important of which, for parents of minor children, is the opportunity to name a guardian for those children. Each will is unique and will include unique information that suits your needs.
Trusts can be useful in many estate planning situations. Whether it is a revocable or irrevocable trust, the main goal that can be accomplished by using these estate planning documents is to pass on assets without the need for those assets to pass through the probate process. Taxes can, in many cases, be avoided through the use of trusts as well.
At our law firm, we understand that Virginia residents oftentimes come into the start of the estate planning process with lots of questions. We do our best to attempt to make sure that our clients have the information they need to make the choices that are best for their own unique family and financial dynamics. For more information, please visit the estate planning overview section of our law firm’s website.