The Bowman Law Firm PLLC

$500

Simple Wills are the most basic form of estate planning, used to pass assets and property from one person to another upon death.  Preparing a will allows you to specify who receives each of your assets, and to decide who you would like to manage the process (called the Executor).  Although having a will is much better than not having a will, it will not keep you out of probate.  In Virginia, probate can cost anywhere from 3-7% of the value of the estate.  If probate avoidance is important to you, a Revocable Living Trust may be a better option.

Our goal is to provide you with information and guidance regarding estate planning solutions that meet your goals and budget, so you can make a well informed decision.

$1,000

Wills are the cornerstone of any estate plan, giving you the power to make important decisions that will take effect after your passing. With a will, you decide who receives your property—not the courts. You can also name a guardian to care for your minor children, helping ensure their future is in trusted hands.

Even if you already have a trust, a will still plays a vital role in your overall estate plan. It acts as a safety net to address any assets not titled in your trust and can help avoid confusion or conflict among loved ones.  It’s a simple but powerful way to give your family clarity, direction, and peace of mind.

A Testamentary Trust is created through your will and goes into effect only after your death.  Unlike a revocable living trust, this type of trust is not funded until your death.  These are often used to manage and protect assets for minor children or beneficiaries who need oversight.  A testamentary trust will not help you avoid probate.  If probate avoidance is important to you, a Revocable Living Trust may be a better solution.

$750-$1,250

If you are not ready for a Revocable Living Trust, having a Will, Power of Attorney, and Advance Healthcare Directive provides vital protection.  A will ensures your assets go to the right people and allows you to name a guardian for minor children, rather than leaving those decisions to the court.  A power of attorney allows someone you trust to manage your financial and legal affairs if you are ever unable to - avoiding costly court intervention.  An advance healthcare directive clearly communicates your medical wishes and appoints someone to make healthcare decisions on your behalf if you cannot.

Together, these documents give you control, reduce stress for your loved ones, and help avoid confusion and conflict in a time of crisis.

Including: 

• Simple Will or Will & Testamentary Trust
• Power of Attorney
• Advance Healthcare Directive

$2,500 (Individual)

$3,500 (Married Couple)

Each estate planning document serves a different, essential purpose.  A trust manages and distributes your assets, often avoiding probate.  A will names guardians for minor children and ensures anything outside your trust is still handled according to your wishes.  A power of attorney allows someone to manage your finances if you are ever incapacitated, while an advance healthcare directive ensures your medical choices are honored and a trusted person can speak for you.  

Having just one or two of these documents leaves critical gaps.  Together, they create a comprehensive plan that protects you and or your loved ones - legally, financially, and personally - through all of life's uncertainties.

Including:

• Revocable Living Trust
• Pour-Over Will
• Advance Healthcare Directive
• Durable Power of Attorney
• Certificate of Trust
• Deed of Gift
• Funding Instructions

$250

Advance Healthcare Directives (or Advance Medical Directives) are a vital part of any estate plan. They allow you to clearly communicate your medical wishes in the event you are unable to speak for yourself—whether due to illness, injury, or incapacity.  With this document, you can outline the types of medical treatment you do or do not want, including life-sustaining measures, pain management, and end-of-life care. 

$250

A Power of Attorney (POA) is an essential tool in your estate plan that allows you to choose someone you trust to manage your financial and legal affairs if you’re ever unable to do so yourself. This trusted individual—known as your agent or attorney-in-fact—can step in to handle everyday tasks or major decisions, depending on the authority you give them.

A Durable Power of Attorney remains in effect even if you become incapacitated. This is the most common type used in estate planning to ensure someone can manage your affairs if you are unable to do so.

$1,000

A Pet Trust ensures your beloved pets are cared for according to your instructions if you are no longer able to do so.  In this type of trust, you can appoint a trustee and caretaker, as well as provide instructions, including favorite foods, toys, and sleeping arrangements.  You can also ensure provisions for regular check-ups and medical care for your favorite four-legged family member.

$1,750

A Special Needs Trust preserves assets for a loved one with a disability without affecting their eligibility for government benefits.  These trusts are important tools in preserving eligibility for Supplementary Security Income (SSI) and Medicaid, while still providing funds for additional quality-of-life expenses and financial needs not covered by public assistance payments.

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If you have already created an Estate Plan, it is important to review and maintain the plan periodically.  Our firm can review your current documents to ensure they still support your goals.  We can also make changes and updates as necessary to address changes in your financial situation, home environment, assets, and more.

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A Generation Skipping Trust (or GST) is a specialized trust that is drafted to skip a generation by ultimately distributing assets to grandchildren or more remote descendants, such as great-grandchildren.  A primary advantage of a GST is to avoid multiple rounds of estate taxation by utilizing the lifetime tax exclusion, thus preserving wealth for future generations by minimizing taxes.

A Spendthrift Trust regulates a beneficiary's access to the funds or assets held within the trust.  The trustee retains authority to determine asset distributions, which often occur in a controlled or incremental manner.  Potential reasons for using this type of trust include: protection from irresponsible spending, managing funds to prevent the beneficiary from outliving their inheritance, and creditor protection.

A Charitable Trust can help reduce taxes and provide for loved ones, while still supporting charitable causes.  This type of trust can also extend your philanthropic legacy and ensure you maintain control over how your assets are used.

An Irrevocable Trust cannot be changed once established (with limited exceptions).  The grantor (or creator) of the trust gives up ownership and control of the assets.  This type of trust is often used for asset protection, tax planning, and Medicaid eligibility.

A Qualified Terminable Interest Property Trust (or QTIP) provides for a surviving spouse while preserving assets for children or other beneficiaries from a previous marriage.  These are particularly well suited for blended families where a client may want to provide for a surviving spouse while also ensuring provision for children from a previous marriage.