Trust Planning Attorneys in Northern Virginia
The Law Firm of Northern Virginia Trusts & Estates
When it comes to planning your estate, there are many confusing options out there from free, do it yourself websites to general practice attorneys. The estate planning attorneys at Northern Virginia Trusts and Estates are located in Vienna and provide the legal documents necessary to create an effective trust instrument in Northern Virginia that will fit your estate planning needs.
By hiring an attorney who focuses on the area of estate and trust planning, you are taking the first step in avoiding the probate process while generating an avenue for long-term property management. Your Living Trust works as an ideal legal instrument to transfer money and other personal and real property into an account held by you and your spouse, the trustee(s).
Avoid Proper Probate Court
Revocable and Irrevocable Living Trusts
A revocable trust allows you to make changes in how it operates, or it can be terminated altogether. Certain provisions of a Living Trust will go into force upon your death or incapacity. When used to its capacity, your Living Trust can eliminate probate, minimize the ongoing expenses and avoid delays typically associated with settling an estate.
Never Lose Control over Property
By setting up a revocable trust, you maintain control over your real property or assets. The Trust can be modified up until the moment of your passing when control will be transferred automatically to a successor trustee designated in the Trust as per your wishes.
The Major Advantages of a Living Trust Include:
- The living trust can be made revocable or irrevocable
- Revocable living trusts can be modified or terminated at any time
- No need for conservatorship or guardianship processes
- Irrevocable trusts work is the ideal instrument to avoid income and estate taxes
- Designate as many successor trustees as you wish
- Never lose control over your property
- Transfer all of your assets into the living trust
- No need to ever transfer a payable upon death (POD) account into the living trust
- Your mortgage cannot be accelerated by the bank when transferring real property into the living trust
You and your spouse always have control in determining exactly what assets you will to transfer into your Living Trust. A competent estate planning attorney can explain the process for transferring real estate, money market accounts, bonds, mutual funds, precious metals, gems, stocks, artwork, antiques, copyrights, royalty contracts and other valuable items.
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 trust planning for clients throughout the Northern Virginia area.