Being prepared for the future can help you enjoy each day, knowing you have taken the necessary legal steps to protect your family in the event of your death. While you might think of trusts and estate planning as things to worry about post-retirement, it is never too early to take steps to protect your family. A Loudoun County trusts and estates lawyer will assist you in setting up a plan that protects your family’s financial future.At Melone Hatley, P.C., we have been helping our clients prepare for the future for over a decade. Whether you are just beginning to make plans or seeking to make adjustments to your current estate plans, our team of experienced professionals will help you throughout the entire process. Learn how we can help you through a free case review with a Client Service Coordinator.
Issues Our Trusts and Estates Attorneys in Loudoun County Can Help You Address
At Melone Hatley, P.C., we will work with you to ensure you are able to resolve any issues you may have regarding your trusts and estate. Our experienced team of lawyers in Loudoun County can assist you with:
- Powers of attorney
- Estate tax planning
- Will drafting and disputes
- Guardianship and conservatorship
- Living wills
- Pet trust
- Trust creation and management
- Contested estates
Hiring an experienced trusts and estates lawyer in Loudoun County is the best way to protect your family’s future by ensuring you have a comprehensive plan. With the knowledge that your future is secure, you can focus your attention on the present.
Trusts Can Be Helpful in a Variety of Ways
Are trusts just for rich people? No. They are for anyone who does not want all of their assets earned through hard work to be paid to the courts.
A trust is a fiduciary arrangement that allows you to pass your assets to your beneficiary or beneficiaries after your death. When you create a trust, you will appoint a third-party trustee who will hold your assets on your behalf until they are transferred to your beneficiaries.
There are several different types of trusts you can set up to ensure the distribution of your assets following your death is carried out in a manner that best suits your wishes.
There are many benefits to setting up a trust, including reducing the taxes that must be paid and providing protection to your loved ones after your death. Furthermore, by passing assets along through a trust, you can avoid putting them through a lengthy probate process, allowing your loved ones to gain access to your assets as soon as possible.
Common Types of Trusts You Can Choose
Some of the trust types most commonly used include:
- Marital or “A” trusts
- Bypass or “B” trusts
- Charitable lead trusts
- Testamentary trusts
- Irrevocable Life Insurance Trusts (ILIT)
- Charitable remainder trusts
- Grantor Retained Annuity Trust (GRAT)
- Generation-skipping trusts
- Qualified Terminable Interest Property (QTIP) trust
An experienced Loudoun County trusts and estates lawyer will review the differences between the different types of trust to help you choose the option that best aligns with your goals.
Loudoun County Trusts and Estates
Lawyer Near Me
703-995-9900Estate Planning Explained
During the estate planning process, you will make decisions regarding how you would like your assets to be managed, distributed, and preserved after your passing. Estate planning is also a useful tool in managing the financial obligations and assets of your estate if you become incapacitated. Common assets that comprise an estate include:
- Your home
- Life insurance
- Bank accounts
- Retirement accounts
- Stocks
- Property
- Vehicles
- Pensions
- Art
- Collectibles
- Debt
You may believe that estate planning is something that only the super-wealthy need to worry about. However, whatever the size of your estate, planning for the future can be critical for ensuring that your assets are divided in the manner of your choosing and that your family will be provided for in the event of your death. The reality is that if you do not make a plan, all of your hard earned assets will be taken by taxes, probate fees, etc.
Having a Will Is Essential
While placing assets into a trust can help ensure that they are distributed according to your wishes, you still need a valid will to direct assets not covered in your trust to the beneficiaries of your choosing.
We can assist you in drafting a will that addresses every issue that may arise following your death. Determining all the things that need to be decided as part of your will can be difficult to do on your own. Fortunately, an experienced attorney can help ensure that everything is covered and there are no loose ends.
A lawyer can help with your will, whether you are just getting started in your plans for the future or if you need to make changes to your existing estate plan, will, or trust.
The Probate Process in Loudoun County, VA
Probate is the legal process through which a will is recognized and its terms carried out. During probate, an executor or personal representative for the estate is appointed. While some trusts can bypass the probate process, other legal issues will still need to be addressed during proceedings.
An experienced attorney will help you prepare your estate so that the probate process goes as smoothly as possible and your loved ones aren’t stuck dealing with unforeseen problems. To prevent your loved ones from facing significant expenses after your death, it is critical that you take steps to ensure a speedy process that allows them to access your assets quickly.
Work With an Experienced Loudoun County Trusts and Estates Attorney Today
Creating an estate plan that addresses how you would like your money and property distributed following your death is a critical step in protecting your family. Starting the process early will allow you to relax with the knowledge that your family will be cared for in the event of your death.
Of course, the terms you set when you create your original estate plan can always be modified to align with changing circumstances. At Melone Hatley, P.C., our Loudoun County trusts and estates lawyers can help you create and modify your estate plan. We have a long history of working with our clients to ensure their loved ones will be cared for should the worst happen.
Visit our testimonials page to learn more about how we have helped past clients. You can contact us by giving us a call, completing our online contact form, or using our chat tool to schedule your free initial case evaluation today.
