Leesburg Trusts and Estates Lawyer
Trusts and other estate planning tools can be used to meet a wide range of goals regardless of your assets. A knowledgeable Leesburg trusts and estates lawyer could work with you to develop a plan for your future or help resolve immediate conflicts or concerns.
Preparing a comprehensive plan can reduce your worries for the future and provide immediate benefits now, such as tax savings. It is important, however, to work with a well-versed legal advocate who can take the time to understand your needs and formulate a custom solution that can accomplish your specific goals.
Administering an Estate in Leesburg
An estate refers to the assets owned by an individual, as well as the liabilities such as outstanding loans. When someone in Leesburg passes away, the law often requires that the individual’s estate be probated. As part of this process, the court verifies the individual’s will and names an executor or administrator charged with ensuring debts are paid and distributing assets pursuant to the will or the laws of intestate succession.
Administering an estate can be complicated, so it may be helpful to work with an experienced Leesburg trusts and estates lawyer. Assistance from an attorney could prevent costly mistakes that could result in delays and personal liability. A trust and estate lawyer could also help if there are concerns about the validity of a will or the interpretation of terms.
Trust and Estate Planning
To prepare for the future, a Leesburg trust and estates lawyer can work to make sure a person’s wishes are understood and complied with. They can do this in several ways.
Health Care Needs
Health care directives can be used to specify medical preferences and may include directions regarding issues such as pain management and the use of life support measures. In addition, an attorney could craft a health care power of attorney naming a trusted person to make medical decisions on someone’s behalf if they were to become incapacitated.
Living Trusts
To avoid the expense and delay of probate procedures, many people in Leesburg choose to set up a living trust. In this type of arrangement, the trust technically owns an individual’s assets, but that individual serves as both trustee and beneficiary so that they can manage their assets for their own benefit, just as before. The big difference is that, when they pass, the property will be transferred directly to alternate beneficiaries without the need for court approval.
Wills and Trusts
Trust and estates lawyer could craft trusts and wills to achieve different goals regarding the disposition of property. In addition, certain types of trusts can reduce income tax or estate tax liability.
Wills and trusts can be used to provide for the care and support of others in the future. A Leesburg trusts and estates lawyer could review the benefits of a particular trust to make sure it suits the individual’s goals.
Talk to a Leesburg Trusts and Estates Attorney Today
Valuable assets can take many forms, including real estate, intellectual property, bank accounts, business interests, collectibles, and all types of personal property. An experienced Leesburg trusts and estates lawyer could devise a plan to ensure that your property is cared for according to your wishes.
A skilled trusts and estates lawyer could also help you manage trusts and estates of others in accordance with all legal obligations. To learn more about the benefits a dedicated estate lawyer can bring to your situation, call now.