Be Informed When It Comes To Planning For Yourself And Your Loved Ones
It is never too early to plan for your future and to protect your family or loved ones when you are no longer around. Some of the most common terms that you have probably heard are wills and trusts. Most people have an idea that they need a will but don’t know much about the specifics of wills, and they know even less about trusts.
The lawyers at von Keller Thelin will explain which document does what. Whichever works best for you, we can help. If you do not have a will or a living trust, then at your death your loved ones may face problems that you could have avoided by having an effective plan for your estate.
The Difference Between Wills And Trusts
A will provides for the payment of your debts and the distribution of your assets at your death. There are specific legal requirements in Virginia for a will to be valid and enforceable. Your will is “probated” at your death. Probate can be challenging for the person you have designated as your executor and for your beneficiaries. There are fees and probate taxes to be paid. If your executor lives outside of Virginia, that person may have to be bonded by an insurance company.
A living trust can be used to manage your assets during your lifetime and to distribute those assets at your death. The assets in the trust are not subject to probate or related taxes, fees and costs. Typically, you are the trustee while you are alive. You select the person, bank or trust company who will be the trustee when you are gone. You decide how the assets will be managed and who will get them at your death. It is easy to amend your trust during your lifetime. There is a lot of flexibility to a trust, and we can help you tailor yours to your needs.
We Will Help You Meet Your Goals And Protect Your Loved Ones
Whether you are looking to finalize your estate plan or start the process of planning for your family, choose an experienced Virginia attorney you can trust to help you. Contact our Manassas office by calling us at 703-659-0477 or emailing us here. You cannot know what tomorrow holds, but you can prepare for it, no matter how simple or complex your family situation and finances may be.