Estate Planning > Wills and Trusts

Wills and Trusts

Wills and Trusts are different tools that we can use in creating your customized Estate Plan and making certain that your wishes are followed.

Wills name who will take care of your children if they are minors when you die, who will distribute your assets and oversee paying any remaining taxes or bills, and how your assets will be distributed. If you do not have a will, then the state will choose how your belongings are distributed and who gets your money. Wills go into effect after death and must go through probate, where your assets will be distributed according to your wishes as laid out in the will.

Trusts are a more customizable and flexible tool for estate planning. A revocable living trust allows you to create a separate entity that can "hold" legal title to whatever assets you place in it, even while you are alive. You may name a trustee who would oversee the trust according to the trust terms. You can be the trustee of your trust while you are alive, which allows you flexibility in managing your assets, and should you ever become disabled or die, then whomever you name as successor trustee will oversee and manage the assets according to the terms of the trust. Like a will, this allows your assets to be managed and distributed according to your wishes, but unlike a will, a properly drafted and funded trust does not need to go through the probate process. 


Many factors determine what type of will or trust is best for you and your specific needs.  John E. Bedi or other attorneys at the Bedi Legal PC offices in Hampton VA and Chesapeake VA will be happy to meet with you and conduct an Estate Planning Consultation to help you determine your appropriate course of action and create an Estate Plan that is the best fit for you.