Wills & Estate Planning

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Hoover Penrod offers decades of experience in all aspects of estate planning and administration, and their related issues. If you have assets you want to protect or an estate that needs to be administered, we can assess the situation and propose a solution for your individual needs.

Our Wills and Estate Planning Services

Will and Trust Drafting

The most critical aspects of an estate plan are determining how best to distribute your assets and managing your affairs as efficiently as possible. This is accomplished through a will, sometimes assisted by one or more trusts.

Wills and trusts often serve different purposes, but both can work together to create a comprehensive plan. We draft clear, unambiguous, and legally valid documents to minimize any uncertainty about how property and assets will be administered in the future.

Our experienced attorneys can help you understand your options and guide you in making the best decisions for you and your family.

Sophisticated Estate Planning

Everyone’s circumstances are unique, and this requires custom-tailored solutions to plan your estate effectively. We have the experience and expertise to shape your estate plan based on your specific financial situation and family dynamics to help ensure its long-term success. We are known among our clients and peers for providing excellent customized estate planning on a personal level, including:

  • Business succession planning
  • Probate and trust administration
  • Trust and estate litigation
  • Tax law (including estate and gift taxes)

Whether your business interests are complex or straightforward, you can trust us to develop a comprehensive estate plan that addresses your unique family and financial situation.

Frequently Asked Questions About Wills & Estate Planning

What is the difference between a will and a trust?

A will is a legal document that details how you would like your estate handled after you pass. This includes distributing assets, care for minor children, and other issues that will be settled following your death. A trust is a fiduciary agreement where you designate a trustee to oversee your property following your death. You can set up a trust for your children, for a nonprofit organization, or any other party you would like to include as a beneficiary.

What are the main components to include in your will?

Your will should include precisely what you would like done with your assets and debts (estate) upon your passing. If you have minor children or animals in your care, your will may include guardianship wishes as well. Wills can vary from person to person and should consist of everything pertinent to the individual.

Is there a recommended number of trustees I should name?

Much like wills, each trust is different. The number of trustees in your name will be dependent on several factors that are unique to your situation. Many people name one trustee, but more than one is not uncommon. As with most things about wills and trusts, it can be a good idea to consult with a lawyer when determining who to name as your trustee(s).

What can happen to my assets if I do not write a will?

Dying without a will is called dying “intestate.” When you die intestate in Virginia, your assets will pass to your spouse and/or children. If neither is available, your assets will pass to your closest living relatives. In the rare case that no relative can be located, your estate will escheat and become the property of the Commonwealth of Virginia.

Does a will expire?

No, wills do not expire. They can be adjusted, updated, and revoked, but they never expire.

When should I write a last will and testament?

It’s a good idea to draw up a will as soon as you have assets. This may be early in your adult life or later, but earlier is often best. Marriage, children, and other significant life events often prompt the writing of a will, but you needn’t be married or be a parent to establish what you would like done with your estate when you pass. Your will can be modified at any time and should be updated as your financial and life circumstances change. Choosing a law firm that focuses on wills and trusts can help ensure that both the original document and all updates are kept safe and follow your desires.