Estate Planning Attorneys in Winchester, VA and Throughout Northern Virginia

• Beneficiary: The person or entity who receives property in accordance with a will, trust, insurance policy, retirement account, or other third-party beneficiary contract.
• Estate Tax: A tax on the transfer of property after death. This is levied by the state and/or federal government. An estate has the obligation to pay estate tax.
• Marital Deduction: An unlimited gift tax deduction or estate tax deduction. This type of tax law allows an individual to give assets to his or her spouse with reduced or no tax imposed upon the transfer.
• Power of Appointment: The power granted to a person allowing him or her to dispose or designate who is to receive certain property under the will.
• Probate: The judicial process which determines the validity of a will in a court of law and the martialing and distribution of the deceased’s estate.
• Trustee: The individual or entity that acts as the legal owner of the trust assets. They are responsible for handling any of the assets held in trust, tax filings, and distribution of the assets according to the instructions of the trust.
• Will: A legal document that identifies where your assets should be distributed after your death. This also gives you the ability to nominate guardians for dependent children. Without a will, the courts determine what happens to your assets and decides the legal responsibility for your kids.

It may involve a will and / or trust and the services of a variety of professionals: your attorney, accountant, financial planner, life insurance advisor, banker, and broker.

An estate may contain real property (real estate, houses, or investment properties) or personal property (bank accounts, securities, jewelry and automobiles, etc.).

While lawyers are not required in order to plan your estate, it may be best to work with an estate planning attorney in ensure that your wishes are carried out. This is especially true if your estate is large, complex, or contains unusual assets.

While it may be possible for individuals to draft some estate planning documents on their own, it is important to consult with legal professionals to ensure that your estate is administered as you would wish.

Another important reason to meet with an estate planning lawyer is to establish health care directives. This is a legal document that states your wishes regarding your healthcare in the event you are rendered unconscious or otherwise unable to state your wishes to family and medical providers alike. At McCarthy & Akers, we can help you draft a health care directive that will help your family and medical providers make important decisions regarding your personal care if you are unable to do so.

For more information, read our Elder Law page.

Our first step will be to determine whether or not you require a simple Will or both a Will and a Trust. In order to determine which estate plan is the most appropriate, we will meet with you to complete a simple profile questionnaire and discuss your objectives to assist with identifying your short-term and long-term estate planning goals.

Once we determine what type of estate plan is needed, we will prepare a first draft of the documents for you to review and discuss with your family members. We will prepare only those legal documents that are necessary to pass property to the chosen individuals in the manner desired. We will then discuss with you any changes you may want to make pertaining to the distribution of your estate. The documents will then be finalized and prepared for your signature. If you decide to establish a trust, certain assets will then need to be transferred to the trust.

Read more about our Wills & Trusts services here.