Wills & Trusts

Wills and trusts are the foundational tools of a comprehensive estate plan. While many people believe a Will is enough, a truly effective plan often requires a combination of both to protect your family and your privacy.

Why Every Virginian Needs a Valid Will

A Will is your final legal voice. Without one, you are leaving your family’s future up to the Virginia Laws of Intestacy, which may not reflect your wishes. A properly drafted Will allows you to:

  • Protect Your Minor Children: It is the only legal document where you can nominate a Guardian. Without this, a judge—who does not know your family values—will decide who raises your children.

  • Choose Your Executor: You hand-pick the person responsible for settling your affairs. In Virginia, if you don't name one, the court appoints an "Administrator" who may not be your first choice.

  • Prevent Family Conflict: By making specific bequests (heirlooms, jewelry, real estate), you prevent disputes. Virginia law also allows for a Tangible Personal Property Memorandum (VA Code § 64.2-400) to list items without rewriting your entire Will.

  • The Power of the Self-Proving Affidavit: I include a Self-Proving Affidavit (VA Code § 64.2-452) in every Will. This notarized statement allows your Will to be admitted to probate immediately after your passing without the need for witnesses to physically appear in court, saving your family significant time and legal expense.

The Role of Trusts

While a Will is essential, it does not avoid probate. To ensure your estate avoids the public record and the costs of the court process, a Revocable Living Trust is often the preferred tool.

  • Revocable Living Trusts: Maintain full control during your life and allow for an immediate, private transfer of assets upon your passing.

  • Irrevocable Trusts: Used for advanced asset protection or specific tax planning goals.

Power of Attorney (POA)

A Durable Power of Attorney is perhaps the most important document you can sign while you are alive. It allows you to appoint a trusted "agent" to manage your financial and legal affairs if you become incapacitated.

  • In Virginia, all POAs are durable by default (meaning they remain effective if you lose capacity) unless the document states otherwise.

  • Without a POA, your family may be forced into a "Conservatorship" proceeding—a costly and public court process—just to manage your bank accounts or pay your mortgage.

Advance Medical Directive

In Virginia, an Advance Medical Directive combines a Living Will and a Healthcare Power of Attorney. It allows you to:

  1. Designate a healthcare agent to make medical decisions.

  2. Specify your wishes regarding life-prolonging procedures and end-of-life care.

Make these tough decisions now to spare your family the emotional burden of guessing during a crisis.

Avoiding Probate in Virginia

Probate is the court-supervised process of wrapping up an estate. In Virginia, this process typically takes 12 to 18 months and involves public filings and state taxes.

While Virginia does not have a "fixed" attorney fee schedule, the following taxes and "reasonable compensation" guidelines for executors are customary:

Category Rate / Tax Asset Value Range

State Probate Tax $1.00 per $1,000 Estates over $15,000

Local Probate Tax ~$0.33 per $1,000 Up to 1/3 of State Tax

Executor Commission 5% First $0 – $400,000

Executor Commission 4% Next $400,001 – $700,000

Executor Commission 3% Next $700,001 – $1,000,000

Executor Commission 2% Balance over $1,000,000

Small Estate Limit N/A Assets under $75,000

Small Estate Note: If your personal probate estate is $75,000 or less, your heirs may use a

Small Estate Affidavit (VA Code § 64.2-601) to claim assets without full court administration.

Funding Your Trust

A trust is only effective if it is "funded"—meaning your assets are legally moved into it. I provide hands-on guidance for:

  • Real Estate: Preparing and recording new deeds with the Circuit Court.

  • Bank Accounts: Retitling accounts or setting up Transfer on Death (TOD) instructions.

  • Business Interests: Assigning LLC or corporate interests to your trust to ensure business continuity.

  • Note: We never retitle Retirement Accounts (IRAs/401ks), as this can trigger heavy taxes; instead, we use strategic beneficiary designations.

Our Approach

At Corda Law, I believe estate planning is about peace of mind.

  • Personalized Strategy: No "one-size-fits-all" templates. I draft documents tailored to your specific family dynamics and goals.

  • Clarity: I strip away the legalese to ensure you understand exactly how your plan works.

Accessibility: I use modern tools to make the process efficient, transparent, and convenient for you.

Getting Started Checklist

To prepare for our first meeting, consider the following:

  1. Key People: Who will be your Executor, Guardian, and Healthcare Agent?

  2. Asset Overview: Roughly what do you own (Real estate, bank accounts, retirement, life insurance)?

  3. Distribution Goals: Who should inherit, and at what age or stage of life?

Existing Docs: Have any old Wills or pre-nuptial agreements ready for review.