There is a lot to consider when planning for your death. Once you have chosen who you want to leave your assets to, you probably want to look for a way to do this as efficiently as possible. Doing it without an understanding of tax laws or things like tax-free gifting allowances could mean fewer of those assets end up in the hands of your chosen beneficiaries.
Another way you could find less money ending up in the hands of your beneficiaries is if you forget to account for estate taxes. If you have estate taxes to pay, that money will usually come from your estate. Your chosen estate executor will bear the responsibility of settling these amounts, however, the money won’t come out of their pocket but from your estate.
You can take steps in advance to cover the taxes if you want
If you do not want any estate tax due to come out of the estate you could set money aside in a trust specifically for this purpose.
Virginia will charge a probate tax on all estates except those worth less than $15,000 (except for a few exceptions such as assets held in joint ownership with right of survivorship). Federal estate tax is currently only charged on estates worth more than $13.61 million although that figure may come down in the future. So you can certainly make a fair prediction of what tax bill your estate might face.
There is a lot to understand when making your estate plan. Seeking legal guidance to better understand the various responsibilities and options can help you make more efficient choices.