Set Up a Living Trust in Northern Virginia
With the Estate Planning Attorneys at Northern Virginia Trusts & Estates
Without the benefits of a Living Trust, your heirs must take your estate through probate court. Part of the probate process is to perform a physical inventory and appraisal of all estate assets to determine applicable taxes. Only when all debts and taxes have been paid, will the final distribution of assets be transferred to the heirs. Before your heirs face the probate process, take a proactive approach to planning by creating a living trust. The estate planning attorneys at Northern Virginia Trusts and Estates are located in Vienna and provide the legal documents necessary to create a living trust in Northern Virginia that will fit your estate planning needs.
The Purpose of a Living Trust
A Living Trust can hold legal title of all of your assets while providing a workable mechanism to manage and control them. Both you and your spouse can act as the trustee(s) as well as being the beneficiaries of the trust throughout your lifetimes. Part of the process of developing a living trust is to designate successor trustees that will follow your very detailed instructions to perform specific duties in the event of your incapacity or death.
A Living Trust allows for you to make changes or even terminate all of its abilities. When used to its full capacity, it allows your estate to avoid probate, while minimizing any delays and expenses typically associated with settling all of your assets.
A Complete Revocable Living Trust Will Include:
- The Revocable Living Trust
- Power Of Attorney
- A Pourover Will, and
- A Living Will, often referred to as an Advance Medical Directive
Used as an instrument for management and distribution of all your assets upon your death or incapacity, a Living Trust has advantages over a Will. A Trust allows for an immediate transfer of all of the estate’s assets after your death, and provides an avenue without interference from the court.
Additionally, there is no need for conservatorship or guardianship throughout the process. It has no requirements to perform any time-consuming and potentially expensive process of probate.
Additional Advantages of a Living Trust Include:
- Complete control over your assets
- No new tax identification numbers required
- Easily modified or revocable
- Instant durable power of attorney
- Transfer to successor trustees upon your death
Using the proper instruments like a living trust allows you to preserve your wealth for the benefit of your surviving spouse and your descendants.
Contact us today at the Law Firm of Northern Virginia Trusts and Estates to find out more about the information provided here. Our office is conveniently located in Vienna, VA and we provide estate planning including living trusts for clients throughout the Northern Virginia area.