People often associate trust and estate planning with death and feel like they can worry about these issues tomorrow. However, taking steps to ensure your legal affairs are in order can help you live your life without worrying about whether your family will be taken care of should the worst happen. A Fairfax trusts and estates lawyer will help you plan.
At Melone Hatley, P.C., we have helped thousands of clients prepare for the future. Whether you are just getting started or feel the need to review your plans and make adjustments, our experienced team of trust and estate attorneys are here to help you. Learn more about what we can do to protect your future by setting up a free case review with one of our Client Service Coordinators.
Areas Our Experienced Team of Trust and Estate Attorneys in Fairfax Can Help You
At Melone Hatley, P.C., our trust and estate attorneys will assist you with a wide variety of trust and estate issues. Our experienced team serving Fairfax is comprised of:
- Estate tax planning lawyers
- Guardianship and conservatorship lawyers
- Living wills lawyers
- Pet trust lawyers
- Powers of attorney lawyers
- Trust lawyers
- Will lawyers
- Contested estate lawyers
- Planning for second marriage lawyers
Hiring an experienced Fairfax trusts and estates lawyer can be critical for securing your future so you can focus your attention on the present.
A Trust Can Help You in a Variety of Ways
A common misconception about trusts is that only the rich need a trust. While this misconception has persisted for a long time, it is simply not true. A trust is good for anyone who is wanting to simplify the distribution of their assets upon their death.
A trust is a fiduciary arrangement that serves as a means of passing your assets along to your beneficiary or beneficiaries after your death. Simply put, you can make sure your things go where you want them to go. While similar to a will, a trust provides you with options not available in a standard will. When you establish a trust, you will designate a trustee who will hold your assets before passing them along to your beneficiaries. So, you can make sure your things go where you want them to go when you want them to go.
There are several different types of trusts you can choose from to ensure your assets are passed along in the manner you desire after your death.
Our experienced trust and estate lawyers can help ensure that you choose the right trust option for your situation. There are many benefits of trusts, including minimizing taxes and providing your loved ones with quick and easy access to your assets by bypassing the probate process following your death.
Common Types of Trusts
There are a variety of trusts out there from which you can choose. Some of the most common trusts include:
- Marital or “A” trusts
- Bypass or “B” trusts
- Charitable lead trusts
- Testamentary trusts
- Generation-skipping trusts
- Irrevocable Life Insurance Trusts (ILIT)
- Charitable remainder trusts
- Grantor Retained Annuity Trusts (GRAT)
- Qualified Terminable Interest Property (QTIP) trusts
An experienced Fairfax trusts and estates lawyer will be able to explain all the specifics of the different trust options to help you choose the trust that best suits your goals.
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How Estate Planning Works
When going through the estate planning process, you will determine how you would like your assets managed, distributed, and preserved after your death. Estate planning can also help with the management of your assets and financial obligations if you become incapacitated. Common assets that are recognized as part of an estate plan include:
- Property
- Vehicles
- Art
- Collectibles
- Stocks
- Pensions
- Debt
- Life insurance
Many people think they don’t need to worry about estate planning, as they think of it as something that only applies to the super-rich. However, estate planning can be critical for everyone. By completing the necessary paperwork, you can ensure that your assets are distributed as you wish and that your family is protected in the event of your death.
A Will Is a Critical Part of Planning for the Future
Even if you have a trust in place, it is still critical that you also have a written will. Your trust will ensure that certain assets are distributed in the manner you choose. However, in a valid will, you can direct how all your assets not covered by your trust will be distributed.
An experienced trusts and estates attorney serving Fairfax can help ensure that your will meets your goals. Trying to determine all the things you need to include in your will to protect your loved ones after your death is challenging without help from an experienced professional with a long history of helping people plan for the future.
Your attorney can help you through the process, whether you are just getting started on your preparations or if you need to make changes to your will, estate plan, or trust.
The Probate Process
Following a death, probate is the legal process by which a will is recognized, and a personal representative or executor of the estate is appointed. Even if you have a trust that can bypass the probate process, other issues will need to be addressed through probate.
An experienced attorney can help you set up your estate to ensure a smooth probate process. This will help reduce problems for your loved ones and provide them with the quickest and easiest access to your assets following your death.
If your loved ones are facing significant expenses following your death, providing them with quick access to your assets through a streamlined probate process can be essential.
Reach Out to an Experienced Fairfax Trusts and Estates Attorney Today
Creating a thorough estate plan that covers everything that needs to be addressed following your death can be essential for protecting your family and ensuring they have everything they need. You should set up your estate plan as soon as possible so you can rest assured that everything is under control. Our Fairfax trust and estates attorneys can help with that.
At Melone Hatley, P.C., we are here to help you with all your trust and estate planning goals. Contact us today by completing our online contact form, giving us a call, or using our chat tool to set up your free case consultation.
