The Village (Richmond) A ProMedica Senior Living Community in Richmond, Virginia understands that planning for the future can feel overwhelming. This guide uses plain language to explain three common tools-wills, trusts, and guardianship-and how they can fit into your overall plans. Remember, laws vary by state and personal situations differ. Talk with a qualified attorney or trusted advisor in Virginia to tailor any plan to your needs.
What is a will?
- A will is a document that tells others who should receive your belongings after you pass away.
- It can name an executor to carry out your instructions and, if you have minor children, nominate guardians for their care.
- A will can specify funeral or burial wishes and address debts or taxes your estate may owe.
- A will only takes effect after your death, and it typically goes through a process called probate so a court can approve it and oversee the distribution of assets.
- Important note: laws about making and using a will vary by state. A simple will drafted for Virginia should be reviewed by an attorney to ensure it reflects your wishes and complies with state requirements.
What is a trust?
- A trust is a legal arrangement where assets are placed into a “trust” and managed by a person or institution called a trustee.
- The person who creates the trust is called the grantor or settlor. The people who benefit from the trust are the beneficiaries.
- There are two broad kinds of trusts: living (inter vivos) trusts created during your lifetime, and testamentary trusts created by your will after your death.
- Advantages of a trust can include privacy (trusts are not always part of the public record), potential tax planning, and management of assets if you become unable to handle finances.
- A trust can help avoid or reduce probate, depending on how it’s funded and the type of trust chosen. However, setting up and maintaining a trust can be more complex and costly than a will.
What is guardianship?
- Guardianship is a legal arrangement where a court appoints someone to make decisions or manage finances for another adult who cannot do so safely on their own.
- There are different roles within guardianship. A guardian of the person makes decisions about daily living and health care for the incapacitated person. A conservator (also called a guardian of the estate in some places) manages financial affairs.
- Guardianship can be important when an adult’s ability to make informed decisions is impaired by illness, injury, or dementia.
- The guardianship process involves a court proceeding. The court will appoint a guardian or conservator and set conditions to protect the incapacitated person’s rights and needs.
- Guardianship is a powerful tool and should be used when less restrictive options (like powers of attorney) aren’t sufficient. An attorney can help you understand what’s appropriate in your situation.
A quick comparison: wills, trusts, and guardianship
| Topic | What it does | Who it’s for | Pros | Cons |
|---|---|---|---|---|
| Will | Dispatches how assets are distributed after death; can name an executor and guardians for minor children | Adults who want to direct post-death asset distribution | Simple to set up; low ongoing maintenance; official executor names help ensure wishes are carried out | Probate can be public and time-consuming; may not manage assets if you’re alive and unable to act |
| Living Trust | Manages and distributes assets during life and after death; can avoid probate; can provide for incapacity | Adults who want privacy and ongoing management of assets, or who want to plan for incapacity | Privacy; potential probate avoidance; can provide ongoing management if you become incapacitated | More complex and costly to set up; must be funded with assets to be effective |
| Guardianship | Court-appointed arrangement to manage personal care or finances for an incapacitated adult | Adults who cannot safely manage their personal care or finances and have no alternative planning tools | Provides protection and oversight for vulnerable individuals | Court process can be lengthy and costly; reduced independence for the person; may be subject to ongoing review |
Key terms to remember (bulleted quick reference)
- Will: A document that directs how assets are distributed after death and can name an executor and guardians.
- Trust: A legal arrangement where assets are held and managed by a trustee for beneficiaries.
- Executor: The person named in a will to carry out the will’s instructions.
- Trustee: The person or institution that manages a trust.
- Beneficiary: The person or entity that receives assets from a will or trust.
- Probate: The court process that validates a will and oversees the distribution of assets.
- Conservator/Guardian of the Person: A person appointed to manage finances or personal care for an incapacitated adult.
How to start putting your plan together
Step back and assess your goals
- Consider your wishes for privacy, control, and how you want your assets to be managed during life and after death.
- Think about who you trust to make decisions for you if you’re unable to.
Gather important documents
- List assets (bank accounts, real estate, investments, personal property) and any existing documents (wills, trusts, powers of attorney, advance directives).
- Note special considerations, such as guardianship needs for dependents.
Decide who should be involved
- Identify potential executors, trustees, guardians, and alternate choices.
- Discuss plans with family members or close friends to avoid surprises later.
Choose the right tools
- A will for post-death distribution and guardianship nomination for minors.
- A trust if privacy, probate avoidance, or incapacity planning is important to you.
- A durable power of attorney (for finances) and an advance medical directive (for health decisions) to complement wills and trusts.
- Consult an attorney experienced in Virginia estate planning to tailor the documents to your situation.
Sign, witness, and store your documents safely
- Ensure documents are properly witnessed and notarized if required in Virginia.
- Keep originals in a safe place (with copies given to trusted individuals and your attorney).
Review and update over time
- It’s wise to review your plan after major life events (marriage, divorce, birth of a child or grandchild, relocation, or significant changes in assets).
- Schedule a periodic check-in with your attorney to keep documents up to date.
How The Village can support you
- Navigating big decisions about wills, trusts, and guardianship can be smoother with guidance from trusted professionals, a supportive community, and access to resources in Richmond.
- If you’re living at The Village in Richmond, you’ll find staff and resources designed to help you talk through your options, connect with elder-law attorneys in the area, and understand how local rules affect your choices.
- We encourage open conversations with family and trusted advisors to ensure your plans reflect your values and your family’s needs.
Final thoughts
Wills, trusts, and guardianship are not one-size-fits-all tools. They are about ensuring your wishes are respected, protecting the people you care about, and giving you peace of mind as you age. In Virginia, the specifics matter, so consulting with a qualified attorney can help you choose the right combination of documents and safeguards for your personal situation. The Village family in Richmond is here to support you with information, referrals, and a compassionate community as you take these important steps.
If you’d like, we can help you start the conversation and point you toward local resources in Richmond. Your plans should feel clear, manageable, and tailored to you-and we’re here to help you get there.