There is a lot to consider when creating an estate plan, and one of the most important documents you may need is a trust. Trusts and wills are often confused, but they are actually vastly different and which one you need will depend on your circumstances. There are also different types of trusts, so working with a knowledgeable Fairfax trust lawyer is one of the best ways to choose the right kind of trust to protect your assets. At S&R Law Firm, we have significant experience helping people with estate planning so they can rest assured that their finances are in order and that their families and loved ones are protected.Differences Between Wills and Trusts
Many people think wills and trusts are the same thing, but they are in fact quite different. For one, trusts can sometimes be more convenient than wills because they don’t require the complicated legal process known as probate. In a nutshell, probate is a lengthy process that is required for all wills to determine whether a will is valid, define and distribute assets, and settle any taxes or debts. This often requires a lawyer and significant time in court.
To avoid probate in Virginia, people often forgo wills in lieu of living trusts, which allow you to transfer your assets more quickly than a will. A trust can give you the peace of mind that your property and assets will be distributed to their intended parties quickly and easily. Avoiding probate in Virginia through the creation of a trust is definitely possible, but it’s a good idea to work with a trust lawyer in Fairfax to ensure that your property is properly managed.Understanding Revocable and Irrevocable Living Trusts
In the Commonwealth of Virginia, a revocable living trust is a useful method when you plan to transfer your assets to other parties in advance of your death. With a living trust, you maintain control over your assets and can go on using them until you die. At your death, they are then distributed to the beneficiary you have named. This could be a child, a spouse, a loved one, or a family member. Many people like the idea of a revocable living trust because they can change or cancel it whenever they want to. It is one of the most flexible ways to plan your estate.
The second type of trust is an irrevocable living trust. While it’s similar to a revocable living trust, there is one big difference: once you have established it, you cannot change or terminate it. People sometimes choose an irrevocable living trust because property in an irrevocable trust is never included in the overall value of your estate, so it allows your beneficiaries to avoid estate taxes. A Fairfax trust lawyer at S&R Law Firm can help you better understand the differences between these types of trusts as well as their pros and cons so you can make the best decision for yourself and your loved ones.How a Fairfax Estate Planning Attorney Can Help
At S&R Law Firm, our estate planning attorneys can help you determine a comprehensive estate plan, so your assets are distributed according to your wishes after your death. Our team is skilled at helping with the transfer of assets, creating estate plans in case you become incapacitated, and even placing conditions on beneficiaries to ensure that your assets are protected. We are committed to helping clients choose the best estate plan for their needs while avoiding any unnecessary taxes and expenses.
To find out more about how we can help, contact a Fairfax trust attorney at 703-273-6431.