The most effective way to optimize the transfer all of your personal and real assets to your heirs upon your passing is to plan for the event before the moment arrives. Because of tax laws, it is never possible to completely avoid the probate process even if your estate, through proper estate planning, will be distributed acccording to the terms of a Last Will and Testament.
However, with the right instruments it is quite possible to diminish or at least limit the amount of time an estate is required to spend in probate court. Reduced time in probate court also reduces the taxes and fees typically associated with the entire probate process.
Developing Trusts and Estate Planning in Northern Virginia
Formulating a good estate plan can assist a client in their ability to control their personal and real assets and provide care for family members suffering from a disability.
Offering proactive counsel and advice, a competent estate planning attorney will use all available instruments to help their client including building:
Last Will and Testament
Revocable Living Trusts
Irrevocable Life Insurance Trust
Charitable Remainders
Qualified Personal Residence Trusts
Special Needs Trusts
Specific trust for minor children
A variety of other trusts
Trust and Estate Administration
With a properly developed living trust, initial formal probate proceedings are not always necessary. Families with limited assets are often able to settle the estate to the minor children or surviving spouse in a quick and proficient manner. This process often sidesteps any delays and most expenses associated with the estate administration costs typically involved in larger estates.
Whenever formal probate is required, competent attorney that employ their resources and skills will assist fiduciaries and clients in the decision-making process, offering extensive services that include:
Attendance and participation in all probate court proceedings
Consultation with real estate agents and tax advisors
Identify creditors with claims that need to be paid or disputed
Manage the process of final distribution of all the estate’s assets