Preparing for the future and ensuring that your legal affairs are in order can help you live your life to the fullest with as few worries as possible. While many people associate trusts and estate planning with death and think these issues can wait until they are older, having a plan in place early can help protect you and your family. A Virginia Beach trusts and estates lawyer can help.
At Melone Hatley, P.C., we have a long history of helping our clients plan for the future. Whether you are getting started or looking to review and adjust your current documents, our experienced team can help you through every step of the process. Find out more about how we can help by scheduling a free consultation with one of our Client Service Coordinators.
Issues Our Experienced Team of Trusts and Estates Attorneys Serving Virginia Beach Can Handle
At Melone Hatley, P.C., we provide comprehensive assistance with a wide range of trusts and estates issues. Our dedicated team of lawyers in Virginia Beach can help you with:
- Estate tax planning
- Guardianship and conservatorship
- Living wills
- Pet trust
- Powers of attorney
- Trust creation and management
- Will drafting and disputes
- Contested estate lawyers
Securing the services of an experienced trusts and estates lawyer serving Virginia Beach can help ensure that your future is in good hands so you can focus on the present.
How a Trust Can Help in Various Situations
A trust is a fiduciary arrangement for passing your assets on to your beneficiary or beneficiaries following your death. With a trust, a third party, also known as a trustee, will hold your assets on behalf of your beneficiaries.
There are a variety of trusts you can establish to ensure your assets are distributed in a manner consistent with your wishes following your death.
Trusts have many benefits, including helping to minimize the taxes that will need to be paid and providing your loved ones with protection after your death. In addition, assets passed through trusts can often avoid going through probate procedures, allowing your loved ones to collect your assets more quickly.
Common Trust Types
Some of the most common types of trusts include:
- Marital or “A” trusts
- Bypass or “B” trusts
- Testamentary trusts
- Irrevocable Life Insurance Trusts (ILIT)
- Charitable lead trusts
- Charitable remainder trusts
- Generation-skipping trusts
- Qualified Terminable Interest Property (QTIP) trust
- Grantor Retained Annuity Trust (GRAT)
An experienced Virginia Beach trusts and estates lawyer can explain the differences between these trusts and help you choose the option that meets your goals.
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What Is Estate Planning?
When going through estate planning, you will decide how your assets will be managed, distributed, and preserved following your death. Estate planning can also be used to help manage your financial obligations and assets should you become incapacitated. Common assets included in an estate include:
- Property
- Vehicles
- Pensions
- Stocks
- Debt
- Collectibles
- Art
- Life insurance
Many people associate estate planning with the super-wealthy. However, no matter how large or small your estate is, it can be an important tool to help ensure that your assets are distributed in the manner you choose and that your family will be taken care of in the event of your death.
Having a Will Is Critical
While having a trust in place can help ensure that your assets are directed in the manner of your choosing, it is still important to have a valid will stating how your assets not covered in your trust will be distributed.
An experienced trusts and estates attorney in Virginia Beach can help draft your will and ensure that all the details you need to cover are included. It can be hard to figure out all of the issues you need to resolve on your own, but an experienced lawyer will be well aware of what you need to include to ensure there are no loose ends.
Your lawyer can help whether you are just beginning to plan for the future or if you need to make changes to your estate plan, will, or trust.
The Probate Process
Probate is the legal process in which a will is recognized, and an executor or personal representative of the estate is appointed. While certain trusts can avoid the probate process, other issues may need to be addressed.
An experienced lawyer can help you organize your estate so that probate goes smoothly, reducing problems for your loved ones and allowing them to access your assets quickly after you pass away. To avoid significant expenses for your loved ones following your death, ensuring a speedy probate process and providing access to your assets can be critical.
Get Help From an Experienced Virginia Beach Trusts and Estates Attorney Today
Creating your estate plan directing what happens to your money and property in the event of your death can be critical for ensuring that your family is provided for and protected. Beginning the process early can provide you with peace of mind that everything is in order should the worst happen.
Of course, the terms of your original estate plan are not set in stone, and you can always make modifications if your circumstances change. At Melone Hatley, P.C., we have a long history of helping our clients ensure that their loved ones will be taken care of in the event of their death.
Contact us today by giving us a call, filling out our online contact form, or using our chat tool to set up your free case review.
