Wills, Trusts & Estates

We handle a variety of estate planning issues, including the following:

** Last Will and Testament
** Powers of Attorney
** Advance Medical Directives (i.e., Living Wills)
** Trusts

What is a Last Will and Testament?

A Last Will and Testament is a comprehensive document that provides for the disposition and care of one's assets, including one's most precious ones -- his/her children. A Will gives a person a voice in determining what happens to his/her property and children when he/she dies.

Without a Last Will and Testament, one's property will be divided according to the laws of Intestate Succession.  Without a Last Will and Testament, courts will determine who will be the guardian of your minor children and the administrator of your estate.

Did you know if you have children from a former marriage and you die without a Last Will and Testament, those children will be entitled to a percentage of your estate? Maybe you don't mind, but if you do, the answer is a Last Will and Testament.

Most people never think about a Last Will and Testament. But one needs to only consider the case involving Prince who died unexpectedly without a Last Will and Testament. Prince's estate will likely be tied up in litigation for years to come while his heirs fight over money and property. When it comes to money, family members will stop at nothing to claim what they think is their rightful share. It's also not uncommon for long lost "family members" to pop out of the woodwork.

If you have a Last Will and Testament, you control who gets what, if anything. Immense peace of mind comes with knowing you have a Will and control your wealth and asset distribution, not the courts.

If you have minor children, it is reckless not to have a Last Will and Testament. With a Will, you decide who will be your children's guardian and Trustee until they are old enough to manage their lives and inheritance. Why leave these decisions to chance when you can have a Will?         

Other Estate Planning Documents to Stongly Consider besides a Last Will and Testament

What other documents should I consider along with a Last Will and Testament?

Other important documents that usually accompany a Last Will and Testament are a Living Will (now known in Virginia as an Advance Medical Directive, a Durable General Power of Attorney, and a Durable Medical Power of Attorney).

An Advance Medical Directive or Living Will gives a trusted individual the authority to make life or death decisions for a person who is incapacitated and, therefore, incapable of making such decisions.

A Durable Power of Attorney permits someone to make critical decisions for one who cannot make those decisions. In other words, the Durable Power of Attorney allows someone to make financial and other household decisions, and to essentially carry-on a person's estate in the event a person is medically or geographically unable to do so.

A Durable Power of Attorney for Healthcare permits someone to get medical information about you, to fill prescriptions, etc. With privacy laws in place (e.g., HIPAA), medical professionals will not discuss these issues with someone other than the patient. A DPOA for Healthcare will ensure that you can be fully apprised of your loved one's or friend's status and treatment options.

A Limited Power of Attorney would allow you to grant someone authority to make final arrangements for the deceased at his/her death.

A Trust can be a Testamentary Trust (one created by your Will) or a type of Inter Vivos Trust (one created while living). There are a number of practical and economic reasons for creating Inter Vivos Trusts, including sheltering (to some extent) certain assets from estate tax and probate tax liability. 

Call Attorney Wegman today at 757.482.5205.