Virginia Wills, Trusts and Power of Attorney
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Northern Virginia Trusts & Estates – When Estate Planning Experience Counts
Northern Virginia Trusts & Estates provides affordable estate planning services for Virginia families. Our firm understands the intricacies of estate planning and offers a range of services from simple, a la carte pricing for single items to comprehensive offerings that cover a variety of preparations.
Some of the most popular choices in estate planning include wills, trusts, and power of attorney assignment.
Simple wills are one of the most basic forms of Last Wills and Testament used to pass assets from one person to another. Preparing a Will not only lets you specify exactly where your assets should go, it also allows you to name the person or people you would like to use to manage the process (the Executor).
A simple will is a viable option for individuals under the age of fifty whose affairs are fairly straightforward. For example, a single adult with less than $100,000 in savings or a married couple with no children, or adult children. At the very least, everyone should have a will.
For those with more complex assets, who are elderly, or who have multiple children with multiple parents, a simple will may not be enough to ensure that their final wishes are carried out as they had intended. However, all wills must go through probate, which will result in a public record of your assets and arrangements. This can be a significant detriment to customers who value their privacy and that of their heirs.
Guardianship & Trust Will
A Guardianship and Trust Will is the type of Last Will and Testament frequently used by the parent(s) of children under the age of 18. Like a Simple Will, a Guardianship and Trust Will allows you to specify exactly where or to whom you would like your assets to go and allows you to name an Executor. It also allows you to name potential guardians for your minor age children in the event the death of both parents.
As is it is a Last Will and Testament, this document will also go through probate in the case that the individual who creates it passes away. This brings up the same issues of privacy of other wills, which is why many clients choose to create trusts instead of a will. However, if your affairs are simple and you have children, this can be a very good option because it avoids costly legal arrangements.
Advanced Medical Directives (Also known as Living Wills)
Advance Medical Directives, sometimes referred to as “Living Wills,” enable you to specify how you would like to be treated in very grave medical situations. It allows you to make the medical decisions you would prefer while you are still capable of making them so that your family will have guidance as to your preferences should you be incapable of making these decisions in the future.
While this type of document may seem very straightforward initially, the process required to create a living will requires a great deal of thought and consideration. Additionally, it is important to consult your loved ones, and alert them to the fact that you have created a living will that specifies your preferences. That way, in a time of crisis, you can feel confident that your wishes will be carried out.
Powers of Attorney
A power of attorney can be one of the most important documents you sign. In essence, this document allows one person to act on behalf of another person, especially important if you become temporarily or permanently incapacitated.
However, power of attorney can also be a much more limited, only applying to one specific act or series of acts such as writing checks from a certain account or selling real estate. The four major types of powers of attorney are:
- Specific Power of Attorney. This is the type previously described in which the person’s power is limited either in scope or for a certain amount of time.
- Contingent Power of Attorney (also known as a ” Springing Power of Attorney”). A contingent power of attorney gives authority to a person to act only when you are incapacitated. The authority vested ends when you recover or pass away.
- General Power of Attorney. General power of attorney is the most comprehensive in scope and should be very carefully considered before signing.
Wills & Trusts in Virginia from Northern Virginia Trusts & Estates
Northern Virginia Trusts and Estates is the only choice for wills and trusts in Virginia. We have the experience and knowledge to ensure that your estate planning goes smoothly and can answer any questions about this important process.