Fairfax Trust and Estates Lawyer
Fairfax trust and estates lawyers help individuals plan for the future. Whether you are looking for help developing a comprehensive estate plan, setting up a trust agreement, or drafting a will, a qualified attorney can ensure that your valued possessions go to the right people after your death – or even while you are still alive.
Since there are so many options for trusts and estates – and complicated tax laws that can be difficult to understand fully – it may be beneficial to work with a lawyer who can create (or review) the right trust or estate plan tailored to your specific needs. Contact a capable attorney today to find out how we can help protect your assets and heirs.
What is a Revocable Living Trust?
In Fairfax, VA, a revocable living trust gives individuals a way to plan the transfer of their assets well in advance. By setting up a living trust, individuals control and use their assets up until their death, at which time their assets will pass to their beneficiaries (usually a child, spouse, or other family member).
One of the advantages of a revocable living trust is that individuals can alter or cancel it at any time, making it a great estate planning option for individuals who value flexibility.
What is an Irrevocable Living Trust?
An irrevocable living trust is similar to a revocable living trust, apart from one major exception: irrevocable living trusts cannot be altered or terminated once they have been established. So why would individuals choose an irrevocable living trust over a revocable living trust? One benefit is that the property in this type of trust is not included in an estate’s overall value, meaning it will not incur estate taxes.
Difference Between Wills and Trusts
Unlike a last will and testament, living trusts do not require a legal process known as “probate.” The purpose of probate is to determine if a will is valid, inventory and distribute assets, and settle debts and taxes. This process can be time-consuming and expensive, requiring complex paperwork and court appearances by attorneys. This is why many individuals choose to set up a living trust instead.
Additionally, living trusts may also allow assets to transfer more quickly than with a will, providing settlors with the peace of mind that their assets will reach the right people in a timely manner.
How a Trust and Estates Attorney Can Help
Beyond helping individuals avoid costly probate and estate taxes, and making sure assets are properly distributed after they die, a Fairfax trust and estates lawyer can:
- Help with the transfer of business ownership, farms, and other special properties and assets
- Develop plans for transferring assets to minor children
- Create an estate plan that will go into effect if an individual becomes incapacitated
- Place specific conditions on beneficiaries receiving their inheritance, such as reaching a certain age, obtaining a college degree, etc.
Contacting a Fairfax Trust and Estates Attorney
When planning ahead for your future, consider contacting a Fairfax trust and estates lawyer. We can help you choose the right estate plan that meets your unique needs, protects both you and your heirs, and provides you with significant tax savings. Get in touch with us today to learn more about your trust and estates options and start mapping out your future.