Wills & Trusts Lawyer Serving Clients Throughout VA
Wills and trusts are generally the most essential tools used in effective estate planning. Because your retirement, wealth preservation and family’s secure future depends on the quality of your estate planning, choosing a seasoned wills and trusts attorney is a wise decision. The offices of James W. Hilldrup, PLC has effectively handled estate planning for its clients for more than three decades.
There are various types of wills, the most common being a Last Will and Testament. Individuals use a Last Will and Testament to pass on their assets to heirs or to assign guardianships for minor children. Another type of will, called a pour-over will, has the primary purpose of transferring assets to a trust at the time of death. An Advanced Medical Directive, often called a living will, has an entirely different purpose. A living will specifies your preferences for medical care in the event that you are physically or mentally incapable of communicating your wishes. It also addresses circumstances where the likelihood of your recovery is not favorable. Today's advances in medical technology allow practitioners to resuscitate patients, deliver pain medications and keep them alive through the use of ventilators and feeding tubes almost indefinitely. Without specific instructions that outline your wishes, your family may face difficult decisions regarding your medical care.
Revocable trusts go by several names, such as living trusts or inter vivos trusts. The individual creating the revocable trust, known as the grantor, can modify or revoke the trust while still alive. Often the grantor also serves as the trustee and beneficiary of the trust. The grantor can fund assets to the trust and receive income or principal from the trust. When the grantor/trustee passes away, a new trustee designated by the trust, called a successor trustee, handles obligations, pays taxes owed and distributes assets to beneficiaries. A trust allows the successor trustee to perform these functions without having to go through probate. While the courts oversee probated assets and they become part of public record, another benefit of a trust is maintaining privacy and freedom from court supervision.
Contact an experienced Fredericksburg attorney about wills and trusts
At the offices of James W. Hilldrup, PLC, we provide knowledgeable and experienced assistance with living wills and revocable trusts. We tailor services to meet a client’s needs. To discuss estate planning or revise your existing plans, contact our offices today.