"More Than Just a Simple Will" --

Frequently Asked Questions about
Estate Planning, Wills, Trusts, and Probate

by C. Douglas Welty
Attorney at Law
Arlington, Virginia

+  These FAQs are intended to provide basic information about estate planning for Virginians. This information may not be applicable to your particular situation, however, and you should not view it as “legal advice.” Each family’s estate-planning needs are unique. You should consult with an attorney face to face before making specific estate-planning decisions.

1. Just what is “estate planning?”

2. I’m young, healthy, and hardly “rich.” Can’t I wait a while to plan my estate?

3. Do we need a will to nominate guardians for our children?

4. What is probate? – and should I avoid it?

5. Are there benefits to probate in Virginia?

6. Are there drawbacks to probate in Virginia?

7. May I avoid Virginia probate on some or all of my estate?

8. Should I create a “living trust” instead of making a will?

9. Will I owe federal or Virginia estate taxes?

10. How can estate planning lower my federal estate taxes and leave more property for my heirs?

11. Wouldn't a bypass trust tie the hands of my spouse?

12. Can I avoid estate tax on life insurance proceeds?

13. I can use insurance to pay my estate taxes?

14. May I avoid estate taxes by giving my property to my children or grandchildren while I’m still alive?

15. What about charitable gifts? (I’d rather give my money to my alma mater than to the I.R.S.)

16. What is the “generation-skipping tax?”

17. Will my IRA, 401(k), and other retirement accounts be taxed at my death?

18. Should I consider “exotic” estate planning techniques?

19. What if I become disabled and unable to manage my own affairs?

20. What else does Virginia estate planning involve?

21. How do you set your fees?

22. How may I contact you?

23. Where can I learn more?