Usually, for couples or individuals who have reached the ages of 55 and older to complete a basic estate planning, the following four documents are highly recommended: Wills, Durable Powers of Attorney for Finances, Durable Powers of Attorney for Health Care and Living Wills.
These four documents should work together seamlessly to take care of both you and your estate. Wills are the most common document and almost everyone understands them (they are used to pass along your estate and your legacy). The other three are used to round out the needs of an estate or family.
Note: Trusts are often needed to provide for diferent needs or wants that are not allowed in any other estate plans.
At our office we offer a “package discount” when all of the documents are prepared together because we believe strongly in the importance of having these documents to take of both you and your estate. It is also advisable to either have all of the documents prepared together, or with the attorney’s knowledge of the other documents so that all of the documents can work together in a seamless unity. Feel free to call me with any questions.
Note: Though less understood by the public, Various trusts and especially Revocable Living Trusts (RLT’s) are used to satisfy the needs and desires of of a family and their estate. Trusts are often a necessity to provide for different needs or wants that wills simply cannot provide for. Trusts should also work seamlessly with all other estate planning documents.
Note: The information given on this website does not constitute legal or accounting advice or opinion, and should not be relied upon for any planning purposes. it is provided solely and exclusively for general, non-specific educational purposes and to advise the reader of the nature of the services offered individually by my law firm. Planning of this nature is necessarily very circumstance-specific and therefore it would be dangerous to apply the very general rules described herein to any singular fact-pattern. Prudence demands that you consult with an experienced professional licensed in Virginia before attempting any of the planning techniques described herein. Additionally, the information given is not meant to be a substitute for legal representation. It provides general legal information to help people understand their legal rights but is not a substitute for personal legal advice from an attorney. however, laws change and individual circumstances vary. – Billy J. Seabolt, Esq.