Wills & Trusts Lawyer Serving Clients Throughout VA

Wills

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 specify 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

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.

Medical Directives and Living Wills

These have become increasingly important documents as life-preserving medical technologies increase. If you are faced with a medical emergency but are unable to communicate your desires, living wills and advance directives allow you to appoint someone you trust to make decisions on your behalf regarding life-saving measures or end-of-life decisions. James W. Hilldrup, PLC can draft valid, effective medical directives for your peace of mind and security.