We’ve talked before about how when it comes to estate planning, developing a trust is, more often than not, a costly and unnecessary choice. Drafting a legal will with the help of an estate planning attorney provides most people with the protection they need to provide a lasting legacy for their families.
Don’t get us wrong, we here at Virginia Beach Law Group are not anti-trust. We simply believe that many well-meaning individuals get caught in the trap of believing that they need an expensive trust to protect their assets, and that every person thinking of acquiring a trust should speak with an attorney first to decide on the wisest course of action. You MAY need a trust if you meet the following criteria:
- You own real estate in different states (but there are better ways to address this than using an expensive trust)
- You have a blended family.
- Your estate is worth more than $5.2 million (as of this writing). Remember, this figure may change based on the congress and executive administration. Estates worth less than this do not benefit from the probate tax sheltering of a trust.
- Your estate is going to a disabled person, for whom an inheritance would disqualify that person from money from the state.
Do you feel that you fall into the category of needing a trust? That may be true, but talking with a lawyer first could save you and your loved ones a lot of money in the long run. Most people only need a comprehensive estate plan that includes a will.
The Components of a Functional Estate Plan
In order to meet the Commonwealth’s requirements for a complete estate plan, our usual package at Virginia Beach Law Group is made up of: a Living Will, A Separate Written List, a General Power of Attorney and end of life instructions in the form of an Advanced Medical Directive. Again, for most families, this estate planning package is more than sufficient to preserve rights and assets.
If you are ready to develop an estate plan, whether a will or a trust, call Virginia Beach Law Group. We are experienced in both areas and will give you honest advice for the best course of action in your unique situation. Contact us today.