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Will vs. Trust: What’s the Difference, and Which One Do You Need?
1. Are you OK with the State deciding what happens to you and your possessions?
2. Should something happen to you, have you specified who will take care of your children?
3. If something happens to you, do you know who will make healthcare and life decisions for you?
4. Have you completed a HIPAA form so that select members of your family will have your medical info access?
5. Should you become incapacitated, have you identified who will handle your financial and legal affairs?
6. Have you specified how your estate will be distributed?
7. Do you want your family to go through the probate process at the time of one’s death?
8. Do you want to burden your heirs with a heavy estate tax burden while transferring your legacy?
What is a Will?
Key Features of a Will:
What is a Trust?
Key Features of a Trust:
Click here for more details: https://www.netlaw.com/
Estate Planning Glossary: https://www.netlaw.com/estate-planning-glossary
Jamie Hargrove, Founding Partner, Hargrove Firm:
https://www.netlaw.com/our-team/jamie-hargrove/
Not having a will and trust can lead to several significant disadvantages:
Will and Trust FAQ:
https://intercom.help/net-law-group/en/collections/3894781-last-will-frequently-asked-questions
Will and Trust Executor Checklist: https://www.estateexec.com/Docs/Executor_Checklist
How to Transfer Real Estate Into Your Trust in Virginia:
https://speedwelllaw.com/2022/08/31/how-to-transfer-real-estate-into-your-trust-in-virginia/
What Happens if a Person Dies Without a Will in the State of Virginia?
How Does an Asset Protection Trust Work?
https://smartasset.com/financial-advisor/asset-protection-trust
What Does a Do-Not-Resuscitate (DNR) Order Mean and Why Are They Used?
https://www.goodrx.com/health-topic/end-of-life/dnr-order-do-not-resuscitate
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