Will Package

The Will Package is designed for individuals with simpler estate planning needs, especially those with fewer probate assets and straightforward distribution wishes.

This package includes a Stand-Alone Last Will & Testament, which explains how your assets will be distributed after your death.

A will helps ensure your assets are distributed according to your wishes. Without a valid will, state intestacy laws determine who receives your property, which may not reflect your preferences.

Compared with a revocable living trust, a will is simpler and offers fewer planning options. Not everyone needs a trust, but every adult should have a Last Will & Testament and review it regularly to keep it current.

When deciding whether the Will Package is the right fit, consider the value of your probate assets, whether probate can be minimized, and how complex you want your asset distribution plan to be.

Probate Assets

Probate is the court-supervised process of validating a will and distributing assets. A will always goes through the probate process, but there are methods to minimize the assets that are subject to probate in the estate. 

In simple terms, probate assets are assets owned solely by one person if there is no joint owner or named beneficiary. For example, a home owned by one person alone or a bank account without a beneficiary designation will go through probate.

Many people seek to avoid probate because it can be costly, time-consuming, and public. In Virginia, probate often costs 3–5% of the estate’s value and may delay final distributions for more than a year.

Options for Minimizing Probate

For many people, real estate, such as the family home, is the largest asset they own. Pairing this package with a revocable transfer-on-death deed for real property may reduce the assets subject to probate and lower overall probate costs.

Probate exposure may also be reduced by ensuring that most bank, savings, brokerage, and retirement accounts have either a joint owner or designated beneficiaries. 

If your estate can be reduced enough to limit probate exposure to an acceptable level, a Stand-Alone Last Will & Testament may be the right choice for you.

Included in the Will Package:

• Stand-Alone Last Will & Testament
• Power of Attorney
• Advanced Healthcare Directive
• Disposition of Remains Document

Other Customization Options

Some clients prefer a will for its straight-forward nature but want some of the benefits that specialized subtrusts offer. In these cases, the will package can be customized to include a subtrust. A common example of this is the inclusion of a testamentary minor subtrust in the will, to protect young beneficiaries from inheriting a before a set age.