Northern Virginia Trusts
There is a myth that you have to be wealthy to benefit from a trust. However, trusts are valuable estate planning tools for Northern Virginia residents in all income brackets. You can use them to reduce your tax burden, avoid probate, and distribute property based on your wishes. You can even use trusts to care for disabled children and pets after you pass away.
You have a variety of options for including a trust in your estate plan. PJI Law will evaluate your situation and long-term goals and help you choose the appropriate options for your estate plan. Then you will have peace of mind as you age, knowing that your assets are protected, and you’ll be able to provide for your loved ones well after you’re gone.
Types Of Trusts In Northern Virginia
You have various options when creating trusts in Northern Virginia. Common options include:
Revocable and irrevocable trusts
If you want to create a trust to hold your assets and distribute property after you pass away, your attorney will help you consider differences between a revocable or irrevocable trust. You can terminate or modify a revocable trust at any time, but the same is not true for an irrevocable trust.
While you have more freedom with a revocable trust, it does not shield your assets from taxes or creditors. The assets are still part of your estate, even though they are in the trust. On the other hand, an irrevocable trust can shield your assets, so they cannot be seized by creditors. You can also reduce your tax burden with an irrevocable trust. Your Northern Virginia trust attorney will review your needs and help you decide between the two for your estate plan.
Avoid probate with a trust
If you use a will instead of a trust, your assets will go through probate court. Probate is time-consuming and can be expensive. It’s also part of the public record, so your beneficiaries will not be able to maintain their privacy. This can add to the stress of an already difficult time.
You can save time and money by using a trust. Trusts are not subject to probate. Your loved ones will receive property faster, and they can maintain their privacy. Avoiding probate is one of the numerous benefits of including a trust in your estate plan.
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Special Needs Trusts
Pour-over Wills and Trusts
You can fund your trust with the assets that you want to be distributed after death. These assets won’t have to go through probate. However, you might forget to transfer one or more assets into the trust, or you may have assets you don’t realize you own and that you won’t transfer into the trust. You can plan for this by creating a pour-over will. This tool will include any assets you forget to include in your trust. The assets in the pour-over will go through probate, but then the trustee will distribute them according to your wishes.
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