Wills, Trusts & Estates Attorney
You may be wondering what the difference is between a will and a trust. To put it simply, a will is a written document that appoints an executor to manage your estate and affairs once you have passed. A trust is a written document that appoints a trustee to manage certain assets for the benefit of another, the beneficiary. A trust becomes effective at your time of choice, rather than only after death.
When it comes to creating either document, it’s important to consider your options. It may never be an easy topic to discuss, but these documents help assure your loved ones are taken care of after your passing, rather than left to sort through your affairs while grieving. At Farrell & Croft, let us help ease your mind by drafting a will or trust to protect against the uncertainties of the future.
Contact Farrell & Croft, P.C. to discuss your estate planning options.
Why Estate Planning Matters
Estate planning isn’t just paperwork you file away and forget. It’s how you make sure your family isn’t left guessing about your wishes at the worst possible time. Without a will or trust in place, decisions about your assets, your dependents, and even who raises your minor children can end up in the hands of a court applying a default set of rules — rules that may not reflect what you actually would have wanted. A thoughtful estate plan puts those decisions back where they belong: with you.
The Probate Process in Virginia
When someone dies with a will, that will generally needs to be admitted to probate before the executor can distribute assets, pay valid debts, and close out the estate. Probate in Virginia is handled through the Circuit Court in the jurisdiction where the person lived, and the process can take longer and cost more when a will is unclear, contested, or missing key provisions. Assets held in a properly funded trust typically bypass this process entirely, which is one of the main reasons clients choose to incorporate a trust into their plan.
Choosing the Right Plan for Your Family
There’s no single estate plan that fits every family. Some clients need little more than a straightforward will naming an executor and a guardian for their children. Others — business owners, blended families, or anyone concerned about incapacity planning — benefit from a trust alongside their will, or in place of relying on a will alone. We start every engagement by understanding your specific family situation and assets before recommending a structure, rather than defaulting to a one-size-fits-all document.
Keeping Your Plan Current
An estate plan isn’t a one-time task. Marriage, divorce, the birth of a child, a significant change in assets, or the death of a named executor, trustee, or beneficiary are all good reasons to revisit your will or trust. A plan that reflected your life ten years ago may not reflect it today, and an outdated document can create exactly the kind of confusion and conflict a good estate plan is meant to prevent.
What to Bring to Your Consultation
Coming prepared helps your first meeting move efficiently. It’s helpful to have a general list of your assets — real estate, retirement and investment accounts, and any business interests — along with the names of who you’d want to serve as executor, trustee, or guardian for minor children. You don’t need every detail finalized before you come in; part of our job is helping you think through decisions you may not have fully considered yet, including how your choices might change as your family and assets grow over time.
Wills Attorney
A will names an executor to manage your estate and, if needed, a guardian for your minor children — the foundation of most estate plans. It covers your personal property, money, investments, and real estate, directing how those assets pass to the next generation. Without one, Virginia’s intestacy laws decide who inherits, and a court — not you — decides who raises your minor children.
Trusts Attorney
A trust gives a trustee control over specific assets for a beneficiary’s benefit — private, and effective on your own timeline. Because it doesn’t go through probate, a trust can reduce delays and costs for your beneficiaries, and it can also take effect if you become incapacitated, letting your trustee step in without a separate power of attorney. Different types of trusts serve different goals, from avoiding probate to protecting a beneficiary with special needs.
Farrell & Croft, P.C. holds an AV rating from Martindale-Hubbell and has earned Martindale-Hubbell’s Platinum Client Champion award for client service. Whether you need a simple will or a more comprehensive plan involving one or more trusts, we help ease the process so you can focus on your family rather than the paperwork.
Frequently Asked Questions
A will names an executor to manage and distribute your estate after you pass and typically goes through probate. A trust names a trustee to hold and manage specific assets for a beneficiary, and can take effect on your own timeline without going through probate.
Many people benefit from having both — a will to handle guardianship and the bulk of the estate, and a trust to manage specific assets outside of probate or plan for incapacity.
The process starts with a consultation, where you discuss your family situation, assets, and goals with an estate planning attorney, who will then recommend whether a will, a trust, or both fit your needs.
Without either document, Virginia’s intestacy laws determine how your assets are distributed, and a court decides who serves as guardian for minor children, rather than you making those decisions in advance.
You should revisit your will or trust after major life events, such as marriage, divorce, the birth of a child, or a significant change in your assets.
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