VIRGINIA ESTATE PLANNING CHEAT SHEET

A Virginia estate plan usually includes more than a will. Depending on your family, assets, and goals, your plan may include a will, trust, power of attorney, advance medical directive, beneficiary designations, and guardianship planning for minor children.

An estate plan can include a will, trust, durable power of attorney, medical power of attorney, and living will. There are different types of wills and trusts to consider for your estate plan depending on your family and assets. Also, your estate plan will include documents that provide for what happens if you are incapacitated, which could be a temporary condition, such as a car accident, or a permanent condition, such as Alzheimer's.

Having an estate plan allows you to make the following decisions about your assets so your loved ones don’t have to:

1. How should your assets be allocated

2. Who will divide your assets, as directed

3. Who will be the guardian for minors

4. Who will manage assets left to minors

5. Who will manage finances if incapacitated

6. Who will make your medical decisions

7. Can beneficiaries manage their “inheritance”

If these and other issues aren’t addressed before you pass, it can create stress for your loved ones during an already difficult time.

MAJOR BENEFITS OF TRUST:

1. Avoids a lengthy and costly probate process

2. Immediate transfer/disposition of assets

3. No public recording

4. Step-up tax basis on property

5. Reduces the probability of family conflict

Hammelman Law helps clients in Ashburn, Loudoun County, and Northern Virginia prepare Virginia estate plans that fit their family, assets, and goals.