It is a common myth that trusts and estate plans are only for the rich or elderly. Any adult can benefit from having a comprehensive plan in place for their future, ensuring that their wishes are carried out. Hiring a Charlottesville trust & estate lawyer will help walk you through the legal process of setting up trusts and estate planning to secure your legacy.
MartinWren, P.C. is an award-winning law firm, named as a Top 100 Trial Lawyer in Virginia and a Best Law Firm by Best Lawyers in 2024. We believe that the client-lawyer relationship is an essential part to any legal counsel or representation. An civil litigation lawyer in Charlottesville from our firm is ready to get started on your case, reviewing your assets and discussing your unique goals and requirements.
Understanding Estate Plans in Virginia
An estate plan is a comprehensive roadmap that guides your family members, loved ones, and the government regarding your wishes for any assets, minor children, and other factors. Life can take unexpected turns, so having these legal preparations helps ensure that your future is covered no matter what. Should you suffer an incapacitating incident or fatal accident, your estate plan will represent your wishes when you are unable to.
A well-crafted estate plan attempts to lessen pressure on your family after your death, as well as optimize the speed of distribution of assets and minimize taxes. Various legal documents can make up your estate plan, depending on your type and amount of assets, as well as other factors. A Charlottesville trust & estate attorney from MartinWren, P.C. can assist you with the following:
- Wills: A traditional method of managing an estate that provides for the distribution of assets, property, and care over any minor children after your death.
- Trusts: This method provides for the management of specific assets by a trustee outside of the probate process, including Revocable (Living), Irrevocable, Charitable, Life Insurance, and Special Needs Trusts.
- Durable Powers-of-Attorney: A legal document that appoints an agent to manage property, financial affairs, and/or health choices should the person be unable to do so.
- Estate Administration: Legal assistance with the probate process including help with executors, guardianships, and appointments of conservators.
- Estate Litigation: Legal assistance with any issues that need to be resolved when dealing with the distribution of the estate.
For a legal consultation with a personal injury lawyer, call 434-817-3100
The Importance of Trusts
Trusts are used in estate planning for a variety of reasons, including minimizing or avoiding taxes, managing the distribution of property with stipulations, and maintaining privacy since trusts do not have public oversight. There are a variety of different types of trusts that you can create under Virginia Law § 64.2-700. Some common trusts and the specific purposes they can be used for are below:
- Revocable Living Trust: A trust created while the grantor is still alive that gives the property to the trust itself instead of specific individuals. This estate planning tool avoids probate but offers no tax benefits.
- Marital Trust: A trust that allows the grantor to pass assets directly to a surviving spouse or children to maximize estate tax exemptions.
- Supplemental Income Trust: This trust provides a set amount of resources to a person with disabilities without impacting their Supplemental Security Income (SSI) to provide for their medical care, education, and other needs.
- Irrevocable Trust: This trust is created to designate specific assets to beneficiaries to protect assets from probate as well as reduce federal estate taxes. As noted in the name, these trusts are not able to be reverted and the grantor cannot have any control over their assets once the trust is formed.
Trusts can be very beneficial in the estate planning process to distribute assets with minimal government interference. Your unique circumstances will determine what type of trust is best and how it should be set up. Speak with your trust and estate planning lawyer in Charlottesville to discuss your options today.
Appointing Guardianship for Minor Children
If you have children who are still minors, it is vital to have an estate plan that allows you to name guardians to care for them if you are no longer around to do so. Even if you have a spouse or shared custody, accounting for any worst-case scenario will give you peace of mind to make sure your children have the care they need. Under Virginia Law § 64.2-1702, the local circuit court may appoint a guardian unless one has been specified previously.
Navigating Probate Courts in Virginia
It is important to understand why you need to write an estate plan, and a big reason to have one is to make the navigation of probate courts easier for your beneficiaries. Working with a trust & estate attorney in Charlottesville can save your family unnecessary stress, time, and money. Creating a clearly worded estate plan can help streamline and optimize the probate process for your beneficiaries during this time of asset distribution.
If a person dies without their assets being in a will or trust, it is called dying intestate. Intestate succession requires the state to determine how to distribute your assets through the probate process. Intestate succession typically relies on traditional family structures and the course of descendants under §64.2-200.
This can be incredibly complicated for non-traditional family structures such as ones with adopted children, blended families, domestic partner relationships, and members of the LGBTQ living in a committed non-marriage relationship. At MartinWren, P.C., we want to help you ensure that your chosen beneficiaries are provided for after your passing. Working with a Charlottesville trust & estate attorney will help give you peace of mind that your wishes regarding your assets will be honored.
Charlottesville Trust Estate Litigation Lawyer Near Me 434-817-3100
Contact MartinWren, P.C. for Help with Trust & Estate Law Today!
We are dedicated to supporting our clients through the process of creating their estate plans. We want to empower you with the feeling that your future is well provided for. Your estate plan will help give you peace of mind, knowing that your family will be cared for should something unexpected happen.
A trust & estate lawyer in Charlottesville can help you ensure that your wishes are carried out regarding your beneficiaries, smoothing the legal process for them, and minimizing time and money spent on probate. Learn more about us and how we work with our clients. Contact us today to set up a free consultation and get your questions answered.
Call 434-817-3100 or complete a Case Evaluation form
