Wills and trusts are legal documents that help you support your loved ones and the causes you care about.
Trust: a document that allows you to hold property for the benefit of yourself or your beneficiaries and may help you to avoid the costs of probate.
Will: a document that provides instruction on where your assets can go after your death and who is responsible for managing your estate.
Having a will or trust allows you and not the state control over what happens to your assets and who will benefit from them.
Planning for the Future with Your Will
A will is a signed written document in which a person (the testator) creates instructions for what is to be done with his or her property after death. It needs to be signed by the testator and by two witnesses. Each witness must sign the will in the testator’s presence.
Through a will, you can:
- Direct how you want your property divided
- Name the person you want to handle your estate (the executor or personal representative)
- Reduce the expenses of administering your estate
- Nominate a guardian for your minor children
If you don’t have a will, a Virginia law, called the Law of Intestate Succession dictates who will receive your property.
Set Aside for Your Beneficiary with a Trust
A trust is a legal method that allows you to set aside some assets to benefit yourself, others or a charitable organization. A trust requires a beneficiary and a trustee.
Beneficiary: Your beneficiary is the person or organization that benefits from the assets.
Trustee: A trustee is an individual responsible for managing the assets and distributing it to the beneficiary or beneficiaries.
The trust can be created and funded or it can be funded at a later date.
Finding the Right Fit for Your Future
Using online, fill-in-the-blank forms to create these documents can result in costly mistakes for you and your intended beneficiaries.
When you call Cravens & Noll, we talk to you and take the time to understand your situation. We listen closely to tailor these documents to your life and your desires and causes you care about.
Cravens & Noll, P.C., an experienced estate planning law firm in Virginia, is here to help those in Richmond and Harrisonburg with creating wills and trusts.
If you or your family have any questions about wills or trusts, or would like to create one, schedule an initial consultation today.