Leesburg Trusts Lawyer
Trusts are being increasingly used in Leesburg as a way to accomplish many estate planning goals. A trust could help you avoid probate, reduce tax liability, shield assets from creditors, protect loved ones, and achieve other objectives.
However, trusts must be established and operated in accordance with legal guidelines to be effective. A Leesburg trusts lawyer could review your goals and help determine the right trust or trusts for your situation. Working with a knowledgeable trusts and estates lawyer can help you prepare for the future with confidence.
Understanding These Estate Plans
To create a trust, an individual often referred to as the grantor contributes property, which is managed by the trustee. The property held in the trust will go to the beneficiary.
While the trustee controls the property and makes decisions about investments and management, the trustee has a fiduciary duty to act in the best interests of the beneficiary. In a typical trust situation, parents might establish a trust for a minor child beneficiary. They might choose a relative to serve as a trustee or name a professional to oversee the decisions, such as a trust attorney.
Trusts may be revocable so that they can be canceled or permanent. Once an individual establishes an irrevocable trust, they cannot retrieve the property, and they may be very limited in the changes that can be made to the terms of the trust.
Revocable Living Trusts in Leesburg
The revocable living trust is commonly used to avoid probate. A couple or individual creates the trust and transfers ownership of all their assets into it. The title of their home lists the trust as owner, as do their bank accounts. However, they still may continue to manage their assets and reap the benefits of ownership. Day to day living would not be any different.
When the grantor of the living trust passes away, the assets in the trust pass automatically to the beneficiaries listed in the document creating the trust. Therefore, the assets are not tied up in expensive and cumbersome probate proceedings.
Irrevocable Trusts
Both revocable and irrevocable trusts can be used to protect loved ones. Some common trusts in Leesburg include:
- Disability trusts
- Spendthrift trusts
- Education trusts
- Charitable trusts
- Grantor retained income trusts
- Generation-skipping trusts
Each type of trust is designed to accomplish a specific goal and often to reduce liability for income, estate, or gift taxes. For instance, a trusts lawyer in Leesburg could establish a disability or special needs trust to assist an individual without harming their eligibility for government benefit programs.
Work with an Experienced Leesburg Trusts Attorney
Trusts fulfill goals for many people in a wide range of circumstances. The best way to find out how a trust can serve your needs is to schedule a consultation with a knowledgeable Leesburg trusts lawyer to learn about your options. Call today for a consultation to learn more.