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FAQs

Who should have an estate plan?

While many people think estate planning is only for the wealthy or elderly, the truth is that every adult should have some form of estate plan. Whether you’re a young professional with a first job, a parent with minor children, a homeowner, a business owner, or a retiree, an estate plan ensures your wishes are carried out and your loved ones are protected. Even if you don’t own much, basic estate planning documents like a healthcare directive and power of attorney allow you to choose who makes important decisions on your behalf. As your life circumstances change – getting married, having children, buying property, starting a business, or retiring – you can update your plan to match your current situation and wishes. The best time to create an estate plan is now, while you’re healthy and able to make clear decisions.

What happens if I do not have an estate plan?

When you don’t have an estate plan, your state’s laws (called “intestacy laws”) take control of major life decisions. These laws use a rigid formula to distribute your assets to your closest living relatives, regardless of your wishes – which means your unmarried partner could be left with nothing, or your spouse might receive only a portion of your assets while the rest goes to other family members. For medical decisions, healthcare providers must follow a legal hierarchy of next-of-kin (typically spouse, then adult children, then parents, then siblings) if you become incapacitated, even if your preferred decision-maker is someone else. If you become unable to manage your finances, your family will need to go through an expensive and time-consuming court process to have someone appointed as your guardian, and that person might not be who you would have chosen. For parents of minor children, a court will decide who raises them if something happens to both parents, without knowing your personal preferences about which family member or friend would be the best guardian or how you would want your assets used for their care.

Which is better for me: a will plan or a trust plan?

The choice between a will and a trust plan depends on your specific situation and goals. A will might be sufficient if you have a relatively simple estate, modest assets, and want to keep costs lower – it allows you to name guardians for minor children, specify who receives your property, and appoint someone to handle your estate. However, a trust plan may be better if you want to avoid probate (the public court process of distributing assets, which can be time-consuming and expensive), have significant assets, own property in multiple states, want to provide for a loved one with special needs, or desire more control over how and when your beneficiaries receive their inheritance. Many people benefit from having both: a trust for the majority of their assets, and a simple will (called a “pour-over will”) to catch any assets not placed in the trust and to name guardians for minor children.

Contact us to speak with an estate planning attorney who can evaluate your specific circumstances – including your assets, family situation, privacy concerns, and estate planning goals – to recommend the best approach for you.

Who should have an estate plan?

Estate planning is not just for the rich. If you own your home and have children, you need an estate plan — seriously. What happens if you cannot make decisions for yourself? Who will raise your children if you are unable to? What happens to your home and anything else you own after you’re gone? We can help you legally outline what happens next, so you can protect your legacy and loved ones.

Should I choose a Will or a Trust plan?

This entirely depends on your goals. Schedule a free 1-on-1 consultation to learn more about which option is best for you.

What happens if I do not have a Will?

If you pass away or become incapacitated without a Will, a judge will decide what happens next per your state’s intestate succession rules. This can mean serious consequences.

Schedule a consultation to discover which option is right for you.

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571-601-9160

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4008 Genesee Pl Ste 109 Woodbridge, VA 22192

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