Seasoned Charlottesville Estate Planning Attorneys Assist Clients in Creating Trusts
Offering extensive experience in trust formation and management
Once you pass away, your estate normally goes through probate, a legal process that administers and distributes your assets according to the terms of your will or Virginia law if you die intestate, without a will. This process can be a time-consuming and costly one, however. By creating a trust, you can spare your loved ones the stress of probate while ensuring your assets and property are distributed as you wish. At the Miller Law Group, P.C., our compassionate Charlottesville, Virginia attorneys can help you set up a trust that accomplishes your financial goals while easing the burden on your heirs.
The benefits of a living trust
A trust is a legal arrangement under which one person, a trustee, holds property on behalf of another person, the beneficiary. If you make this legal arrangement while you are still alive, it is known as a living trust, or an inter vivos trust, and you may choose to administer your own living trust. A living trust works similarly to a traditional last will and testament, but unlike a will, a living trust does not go through probate, nor is it administered by the Virginia courts. Virginia does not use the Uniform Probate Code, making probate an often complex and expensive process. Even with a living trust, you need a will to address guardianship and other issues, but a trust allows you to distribute your assets according to your wishes while sparing your loved ones the cost of probating your estate. Our Virginia trust law attorneys can help you select the best trust arrangement to suit your needs.
Differences between revocable and irrevocable trusts
To achieve certain tax and other benefits, you can choose to make your trust revocable or irrevocable. You can create both types of trusts during your lifetime, but there are significant differences between them.
- Revocable trusts. Assets remain under your control and you can make changes or revoke, or end, the trust at any time before your death.
- Irrevocable trusts. Once you create the trust, the assets are no longer in your control. The trust beneficiary must give you permission to make changes to the trust. This type of trust can help you protect assets from costly estate taxes.
If your net worth is likely to be less than $50,000 when you pass, there may be no need to consider a trust, since Virginia has a simplified and relatively inexpensive probate process for small estates. For advice on whether to create a trust or on any other estate planning matter, it’s best to seek the advice of an experienced attorney who can explain all your options.
Contact us to discuss your trust planning needs
At the Miller Law Group, P.C., we can help you select the trust arrangement that best suits your unique needs. With more than 30 years of combined experience, our attorneys and professional staff work hard to protect what’s important to our clients in Albemarle County and surrounding counties: their assets and their families. Call us locally at 434-218-3987 or contact us online today for your FREE APPOINTMENT. Our law firm is located behind the Senior Center in Charlottesville and is handicapped-accessible. Parking is available outside the door.
Serving the communities of central Virginia, including Albemarle, Augusta, Buckingham, Charlottesville, Culpeper, Fluvanna, Greene, Louisa, Madison, Orange, Harrisonburg, Staunton and Waynesboro