A revocable living trust can function as a Will, but it also offers other benefits that you should consider. If you pass away without a Will or Trust, the laws of your state will determine who receives your property, and in what amount. Moreover, your heirs will be required to wait a minimum of 1 year in Virginia. Not only can probate be time-consuming, it also can be very expensive. Proper estate planning can allow you to distribute
#1 – Avoid Expenses and Probate Tax: Probate is a court supervised proceeding that can be expensive and lengthy. How long? Anywhere from one to three years in most cases!
#2 – Enable Your Heirs to Receive Your Property More Quickly: Your loved ones can receive your assets much more quickly than if they are required to go through the probate process.
#3 – Ensure Your Trusted Family Members Oversee Your Estate Distribution, Not the Court: When you plan properly, you can select the persons responsible for overseeing the distribution of your estate. If you leave it up to the court system, there is no guarantee that what you expect to happen, will in fact take place.
#4 – Maintain Your Privacy: The distribution of your estate can be a highly personal matter. If you wish, you can maintain your privacy.
#5 – NO Annual Fee Required: Fees are only associated with amendments to the trust. Although there is no fee associated with maintaining a trust, our firm offers an optional Estate Plan Protection Program. We feel that such an option generates the most peace of mind for clients.
The Farr Law Firm is an Elder Law and estate Planning firm dedicated to helping protect seniors and their families. In addition to traditional estate planning (Wills, Living Trusts, Financial and Medical Powers of Attorney) for clients of all ages, we help clients find, get and pay for the best possible long-term care: if a nursing home is the only option, we help clients find and get the best possible care while preserving and protecting their assets. When needed, we complete the complex documents required for entry into a nursing home and for Medicaid.
About Evan H Farr, CELA, CAP
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