A simple will is necessary for every US adult over the age of 18. It can help them answer many questions and ensure that your property is distributed according to your wishes. However, estate planning can be tailored based on your assets, family circumstances, income, and personal goals.
Executing a will can take time and this can also prove problematic because your beneficiaries may need to wait for the probate process in court to conclude before enjoying your gifts. This is one reason to consider working with an estate planning professional to create a trust.
This bypasses probate and allows you to transfer assets to your loved ones immediately in line with your wishes and as an added bonus, it does not create a public record of any of your estate plans, meaning that your directives remain confidential. A revocable trust should be considered by everyone outside of those who only have a few assets.
There is little downside to creating a revocable living trust, but there can be considerable benefits as they are recognized in every state. Once you know what you want to achieve with your Virginia Beach, VA estate plan, you’ll be in a better position to decide on your next steps.
Even if you don’t have many assets, it’s worth continuing to revisit the estate planning conversation on a regular basis. The birth of a new child, acquiring a new home, or even experiencing a change in income for the better can all shift your situation and highlight the value of planning.
To learn more about how to create a revocable living trust to accomplish your goals, schedule a time to meet with an experienced estate planning lawyer.