Estate Planning Services
From Northern Virginia Trusts & Estates Attorneys at Law Serving Tysons Corner, Virginia
Having an estate plan in place is vital to protect your rights and your property. While you may have been put off in the past by the complexity of the legal documents associated with an estate plan, having an estate planning package prepared by an experienced Tyson’s Corner, Virginia estate planning attorney can take the worry away regarding what will happen to your assets. You will be reassured that the well-being of your loved ones will be a prime consideration in your estate plan, and that your estate planning package will address your specific needs.
Is Your Estate “Big” Enough to Justify Estate Planning?
It is extremely frustrating for estate planning attorneys to hear people say, “I don’t have an estate, why do I need an estate plan?”
In fact, virtually anyone who owns absolutely anything—regardless of the value—could potentially gain advantages from an estate plan. Those who take the time and effort necessary to plan their estate enjoy the following benefits:
Family members will be properly provided for;
Assets will be distributed to beneficiaries quickly;
Should you become incapacitated, there will be a plan in place regarding decisions about your medical treatments as well as your financial wishes;
Expenses can be minimized, leaving more of the estate to beneficiaries;
You have the ability to choose an executor or trustee for your estate;
You can leave your assets to charities you care about;
You can reduce the estate and inheritance taxes, and,
If you have a business, you can ensure it continues to run smoothly following your death or disability.
The Types of Estate Planning Packages
Our firm offers a choice of estate planning packages which are intended to help you meet your specific planning needs and goals. Whether your primary interest is in providing for your minor children, or in reducing estate taxes and providing protections for your beneficiaries, we can help. Some of the most common packages for those considering estate planning include the following:
A estate planning package will include a will (simple or guardianship and trust), an Advance Medical Directive, and a Durable General Financial Power of Attorney. This basic plan will not avoid probate of your will upon your death, will not provide certain protections for your beneficiaries and will not reduce or eliminate estate taxes, but will ensure you have a guardian named for your minor children and that their financial future is ensured to the best of your ability.
A Guardianship and Trust Will is the type of Last Will and Testament used by the parent(s) of minor age (under 18) children. Like a Simple Will, a Guardianship and Trust Will allows you to specify exactly where or to whom you would like your assets to go and allows you to name an Executor. It also allows you to name potential guardians for your minor age children in the event the death of both parents.
What happens if you don’t have a Guardianship and Trust? Your family might fight over custody and in the end the Commonwealth of Virginia will determine who becomes the legal guardians of your children.
A Revocable Living Trust Package is a basic trust plan for those who seek to avoid probate for their estate following their death. Assets will be managed if you become incapacitated, and your assets are distributed directly to your chosen beneficiaries at the time of your death. While this plan combines probate avoidance with lower costs and simplicity and is tax-neutral. As with the above estate planning packages, the Revocable Living Trust Package includes an Advance Medical Directive and Durable General Financial Power of Attorney. It also includes a Deed of Gift for your home, to avoid probate on the house.
You can add additional items to any package, such as a pet trust, an Elder Asset Protection Trust, or a Virginia Domestic Asset Protection Trust.
As the leading estate planning attorneys in Northern Virginia, we are well aware that you can feel overwhelmed by the thought of estate planning. We believe you will be pleasantly surprised after speaking to a Northern Virginia Trusts & Estates estate planning attorney during your free consultation. We are professional, yet affordable, and can ensure the future of your loved ones will be properly protected and the disposal of your assets will be in safe hands—yours! If you need comprehensive, knowledgeable estate planning advice in Tysons Corner, call Northern Virginia Trusts & Estates at (703) 938-3510 today.