Estate Planning Glossary

Last Will & Testament: A Last Will & Testament allows you to specify who will receive your property upon your death, nominate guardians for minor children, and appoint a trusted person to administer your estate. A properly drafted will helps ensure your wishes are carried out and can reduce uncertainty for your loved ones.

Revocable Trust: A Revocable Living Trust is an estate planning tool that allows you to determine how your assets will be managed during your lifetime and distributed after your death. Trusts can help avoid probate, provide greater privacy, and allow you to exercise more control over when and how beneficiaries receive property.

Power of Attorney: A Power of Attorney authorizes a trusted individual to handle financial and legal matters on your behalf if you become unable to do so yourself. This document can help avoid the need for a court-appointed conservator in many situations.

Advanced Medical Directive: An Advance Medical Directive allows you to express your healthcare wishes and appoint someone to make medical decisions on your behalf if you are unable to communicate. It provides guidance to healthcare providers and loved ones during difficult situations.

Special Needs Trust: A Special Needs Trust is designed to provide financial support for a person with a disability while helping preserve eligibility for certain government benefits such as Medicaid or SSI . These trusts can help enhance quality of life without jeopardizing important assistance programs.

Transfer on Death Deed: A Transfer on Death Deed allows Virginia homeowners to designate who will receive real estate upon their death without the need for probate. The owner retains full control of the property during life and may revoke or change the deed if circumstances change.