Estate Planning

Creating an estate plan is important, whether you are a young professional or approaching retirement. An estate plan is not only the final expression of how you want your assets to be used, but it is also the blueprint that ensures their orderly disposition.

Take the time now to plan how your estate will be handled so that your hard work will not be consumed by taxes or misappropriated.

The foundation for a good estate plan includes a Will, General Power of Attorney, Advance Medical Directive, and Trusts.

Will

In Virginia, a Will specifies how the various aspects of your estate will be handled and frequently:

• Names your executor and guardian of any minor children
• Makes bequests to individuals or charities
• Directs how the remainder of your estate will be disposed

Naming an Executor

A Union Trust executor will administer your estate and distribute your assets to your beneficiaries. This can be overwhelming to those inexperienced with the duties required of an executor, especially for those already grieving.

General Power of Attorney

This document names an agent who can conduct your business affairs, including the making of gifts for estate planning purposes, if you are unable to do so. This document is revocable at your death, at which time your will and trust become the controlling documents.

Advance Medical Directive

This document sets forth any special instructions that you wish to apply if you are in a critical health condition and names those persons who can make the decisions for you if you are not able to do so.

Getting Started

Let one of our Trust professionals help you tailor an estate plan to meet your goals and objectives and find an attorney to draft the documents if you do not already have one.