Reference no: EM133810432

Question

Compare the similarities and contrast by discussing the main differences between Estate Planning, wills, and trusts in Virginia. Please ensure to identify one substantive law in your Virginia that creates a right for an individual to create an estate plan, will, or trust. Also, please identify one procedural law in Virginia which explains the process (where, when, and how) wills and trusts are handled in courts. Analyze and explain the importance of an estate plan. Please ensure to define the terms, testament, testator, legal capacity, and testamentary capacity in your analysis. Outline the advantages of a valid will and explain at least one disadvantage of not having a will. Also, please define the terms, executor, administrator, testate, intestate, and beneficiary. Provide a brief introduction and conclusion. The introduction should discuss the essential steps in your home state to ensure a successful estate plan. The conclusion will need to summarize the estate planning procedural and substantive laws in Virginia.