Guarding Your Legacy: The Essential Guide to Protecting Your Assets and Loved Ones

Hi there!

Let’s talk about something essential but often overlooked — choosing the right tools to protect your legacy. When it comes to estate planning, it’s not a matter of if you need one, but which approach is best for you. Two of the most common options are wills and living trusts. So, let’s break them down so you can decide what fits your unique needs.

What is a Will?

A will is a legal document that outlines how your assets will be distributed after you pass. It also allows you to appoint an executor to manage your estate and ensure your wishes are carried out. Wills are generally less expensive upfront than living trusts, but they must go through probate—a public, time-consuming, and sometimes costly court process.

What is a Living Trust?

A living trust is another estate planning tool that lets you transfer ownership of your assets to the trust while you’re still alive. You can serve as the trustee, managing your assets as you normally would. Upon your passing, the trust’s terms dictate how your assets are distributed, often bypassing probate entirely. While living trusts may cost more to set up initially, they can save time, money, and stress for your loved ones in the long run.

Which One is Right for You?

Here’s where it gets personal. If your estate is large, includes multiple properties, or contains complex assets, a living trust might be the better option. It allows you to maintain control while avoiding the complications of probate. If your estate is smaller or simpler, a will may be all you need to ensure your wishes are honored.

However, let’s pause here for a moment. Even if you think you have a smaller estate, it’s important to consider how your state’s laws impact probate. For example, in Virginia, any estate with total assets over $50,000 must go through probate. This threshold is surprisingly easy to meet, especially if you own a home, have life insurance policies, or possess retirement accounts. That’s why having a plan tailored to your specific circumstances is critical, no matter the size of your estate.

Advantages of a Living Trust

Living trusts offer benefits beyond just avoiding probate. They provide privacy, as the trust’s terms don’t become public record like a will does in probate. They’re also highly flexible—you can make changes or even revoke the trust entirely while you’re alive. These features make living trusts a powerful option for many families.

What’s Next?

If you’re not sure where to start, you’re not alone. Estate planning can feel overwhelming, but it doesn’t have to be. The first step is understanding your options, and the next is reaching out to someone who can guide you through the process. Let’s connect! Whether you’re considering a will, a living trust, or just want to learn more, I’d love to help you create a plan that works for you and your family. And if you’re in Virginia, let’s talk about how probate laws might affect your estate and why planning ahead can save your loved ones unnecessary stress and expense.

Schedule an estate planning discovery call with me today, and together, we’ll take the first steps toward protecting your assets and leaving a lasting legacy. Let’s make sure your loved ones are cared for and your wishes are honored. You’ve got this, and I’m here to support you every step of the way.

Until next time,

Veronica

Estate Planning Services are offered by Estate Guru, an unaffiliated third party. The Wealth Boutique may engage third-party service providers to assist with the tax and estate planning portion of the services provided to clients. In addition, The Wealth Boutique may use third-party software to analyze a client’s information to help with the provision of estate planning services. Women's Wealth Boutique is not a law firm, nor are any employees acting in the capacity of an attorney or providing legal advice as Women’s Wealth Boutique is not a law firm and therefore not permitted to practice law. Fees for third-party estate planning services are in addition to the financial planning fees charged by The Wealth Boutique and are collected directly by that third party based on the client’s direct relationship with the third-party estate planning vendor.