Will And Trusts

Will and Trust Attorneys in Winchester, Virginia

When it comes to comprehensive estate planning, working with a knowledgeable will and trust attorney in Winchester, Virginia is critical for protecting your assets and directing their distribution according to your wishes. Our experienced estate planning attorneys have a profound understanding of Virginia’s laws and regulations, allowing us to craft customized plans that meet your specific needs.

With over 16 years of experience, our will and trust attorneys at McCarthy & Akers in Northern Virginia offer a range of estate planning services, including drafting wills, establishing trusts, creating powers of attorney, and navigating the complexities of estate administration. When you work with one of our attorneys, we will help you avoid the unintended consequences of many common mistakes people make when drafting their estate planning documents — such as the improper distribution of assets, negative tax implications, and disruptive family disputes.

With a personalized approach and strict attention to detail, we make choosing a legal partner easy. While other estate planning firms may see you as just a number or another case, we take the time to get to know you and understand your needs, then craft a solution that works for you. Our will and trust attorneys provide peace of mind, knowing that your loved ones will be taken care of and your assets will be managed appropriately. When planning for the future, consulting a will and trust attorney from McCarthy & Akers, PLC is a vital step toward safeguarding your legacy. Contact us today to schedule a free consultation.

Key Takeaways About Trust & Will Estate Planning in Winchester, Virginia

• Trust & will estate planning is not just for those in a high-income  bracket. Every competent person 18 years and older who has their own home or other property, a career or business, investment accounts, children, or other dependents should consult a trust & will attorney to determine which legal documents best fulfill their needs and wishes.
• According to state statutes, a last will and testament is valid when created by an individual who is at least 18 years of age and of sound mind (known as the testator) without undue influence, and signed by the testator and two independent, competent witnesses.
• A testator can create a legally valid written will, known as a holographic will, as long as the entire will is written and signed in their handwriting. The testator must include depositions of two independent parties capable of confirming the deceased’s handwriting.
• Parents of minor children can designate guardians for them in a will.
• Wills must go through probate court.
• Trusts are legal documents that allow the grantors or settlors (the people creating them) to transfer their assets into them for a trustee to manage and use for their benefit or the benefit of the named beneficiaries.
• Trusts can be revocable or irrevocable and fulfill many purposes, including avoiding probate court, minimizing taxes, and protecting assets.
• Types of trusts include special needs trusts, pet trusts, charitable trusts, and testamentary trusts. Unlike special needs trusts, pet trusts, or charitable trusts, a testamentary trust must go through probate court.

Does Everyone Need a Last Will and Testament?

Despite a popular misconception, estate planning and wills are not exclusively reserved for the wealthy or elderly. An individual should have a will if they:

• Are over 18 and of sound mind
• Own a home or any other property
• Have a career, savings, investments, children, or other dependents

If you do not engage in comprehensive estate planning, you forfeit the privilege of determining what happens to your assets after you pass away to the courts.

How the Commonwealth of Virginia Defines a Last Will and Testament

A will, also known as a last will and testament, is a legal instrument specifying an individual’s wishes as to how to distribute their personal property after their death. The person creating the will is the testator. In Virginia, a testator must be 18 or older and of sound mind to create a will.

The will must be signed by the testator and two independent and competent witnesses. For those physically incapable of signing, Virginia statutes allow someone else in the testator’s presence to sign the will and testament at the testator’s direction. Whoever signs the will on the testator’s behalf does not count as one of the witnesses to the document.

Although the state does not require notarization of a will and testament, the majority of estate planning attorneys recommend it.

Defining a Holographic Will and Testament

Virginia permits holographic wills. However, to be legally valid, the testator must entirely write and sign the will in their handwriting. In addition to signing the last will and testament, the testator must include depositions of two disinterested individuals capable of identifying the deceased’s handwriting.

What Should I Include in My Last Will and Testament?

A last will and testament should include the property the testator wants to pass on to their beneficiaries, including their family, friends, favorite charities, and pets. A comprehensive last will and testament should also include:

• The name of the individual you have chosen to fulfill your wishes, known as the executor. You should choose a trustworthy individual who understands the role and is willing and capable to serve as your executor. Before distributing your property to your heirs, the executor must settle your taxes and final bills using your estate’s money, and they will represent your estate throughout the proceedings.
• The name of a guardian or guardians for your minor children.
• The name of a person who will take in your pets.

An experienced last will and testament lawyer can help you establish a will that specifies your desires and serves the best interests of the people (and pets) you love. Review your last will and testament regularly and revise it with a lawyer for trust and will from McCarthy & Akers, PLC, to keep pace with the inevitable and significant life changes we all undergo.

Can Someone Dispute My Last Will and Testament?

Your heirs might dispute your last will and testament if they believe it is unfair or if they’re expecting a sizable inheritance based on what you accumulated during your lifetime. Consulting a knowledgeable lawyer for trust and will to guide you through the process will ensure the creation of a last will and testament that can stand up in court. If you ever feel pressured or threatened into signing a will against your wishes, reach out to a wills and trusts attorney for assistance.

Safely Storing Your Will

Once signed and attested, you should store your will in a secure place, such as a safety deposit box or a fireproof safe. Inform your executor about the will’s location. If it’s your preference, your lawyer for will and trust can store your last will and testament for you until needed.

Dying Without a Will

If you die without a will, also known as dying intestate, the probate court manages your estate, determines your closest relatives and distributes the contents accordingly. In the absence of living relatives, your entire estate will either become the property of the Commonwealth of Virginia, or it will be seized by your creditors.

Trust vs Will

Concerning the question of trust vs will, you should carefully consider some crucial distinctions. Wills must undergo probate, a public process administered by the court. It can take several months to a year to complete, with the court extracting a fee from the estate before beneficiaries can receive their inheritance.

Trusts, on the other hand, bypass this legal process, sparing your loved ones public scrutiny, time delays, and court fees.

Understanding Trusts

Although people tend to solely think about wills when considering estate planning, due to the complexities of most people’s circumstances, they will need other legal instruments, too. For example, a caregiver of a child or adult with special needs should establish a special needs trust with the help of a special needs attorney to address their financial and medical needs after the caregiver’s death. A business owner will need to consider other types of trusts for the purpose of passing their enterprise on to a designated heir.

Trusts are legal documents that enable a grantor or settlor (the person creating the trusts) to transfer their assets into the entity for a trustee to manage and use for their benefit or the benefit of the named beneficiaries. Trusts can be revocable or irrevocable, and they can serve various purposes — such as avoiding probate, minimizing taxes, and protecting assets.

What are the Different Types of Trusts?

Revocable Trusts / Living Trusts

In Virginia, the terms “revocable trusts” and “living trusts” refer to the same legal documents. Grantors create these trusts during their lifetime and can modify or revoke them at any time.

Irrevocable Trusts

As the name implies, irrevocable trusts cannot be altered or terminated by grantors once they are established.

Testamentary Trust

A testamentary trust is created under a will and takes effect upon your death. It is generally used to provide for minor children or other beneficiaries who may be incapable of managing their inheritance on their own.

However, unlike other trusts, a testamentary trust must go through probate in Virginia.

Special Needs Trusts

Special needs trusts are created for the benefit of individuals with a disability, most often to protect their eligibility for government benefits.

Charitable Trusts

Individuals can create charitable trusts for philanthropic purposes, such as supporting a specific charitable organization. The trustee manages and distributes the assets in accordance with the charitable purpose defined in the agreement. With charitable trusts, donors can enjoy tax benefits like income tax deductions and tax mitigation while supporting a charitable organization they care about.

Pet Trusts

Pet trusts provide for the care and maintenance of beloved pets after the death or incapacity of their owners. The trustee manages and distributes the assets contained within to address the pet’s ongoing care expenses, such as food, veterinary care, and grooming. Pet trusts provide peace of mind by taking care of your pets after your death or incapacity.

Legal Requirements for Creating Trusts in Virginia

In Virginia, trusts must comply with the following legal requirements:

• Grantor Qualification: The grantor must fulfill the legal qualification to enter into this type of agreement, meaning they are at least 18 years old and of sound mind.
• Trustee: The grantor must designate a trustee to manage and administer the agreement. The trustee can be an individual or a corporation.
• Beneficiary: All trusts must include one or more beneficiaries who will receive the assets or income according to the terms of the agreement.
• Trusts Must Contain Property: Trusts must contain property or assets to be held by the trustee for the benefit of the beneficiaries.
• Trusts Must Have Purpose: Trusts must have a lawful purpose that does not violate laws or oppose public policy.
• Terms of Trusts: Trusts must clearly define the terms, including the powers and duties of the trustee, the rights and obligations of the beneficiaries, and the duration of the legal instrument.
• Written: The agreement must be a written document signed by the grantor or an individual with the authority to act on the grantor’s behalf.

Benefits of Virginia Trusts

As an experienced trust and estate attorney knows, trusts provide several benefits, including:

• Avoiding Probate: Assets held in trusts generally pass outside of this legal process, saving your beneficiaries time and money.
• Offering More Control: Trusts enable grantors to maintain control over the distribution of their assets, often even after their death or incapacity.
• Allowing Privacy: The details of trusts generally remain private, unlike the contents of wills, which go through probate court and become part of the public record.
• Providing Asset Protection: Depending on their type, assets held in trusts may be shielded from creditors and other legal claims.
• Offering Tax Benefits: Depending on the particular type of agreement, the grantor may enjoy tax benefits associated with the creation and administration of trusts.
• Planning for Incapacity: Grantors can include provisions for managing their assets in the event of incapacity or disability in their trusts.
• Helping a Charitable Organization: Grantors can use trusts as vehicles for charitable donations to organizations or causes they feel strongly about.

Who is the Best Attorney for Wills and Trusts Near Me?

You have put a significant amount of time and effort into accruing assets. Don’t risk allowing the state to decide what happens to them, because it may or may not align with your wishes. Instead, consider these factors when searching online for the “best attorney for wills and trusts near me”:

Do they focus on estate planning?

Estate planning is a complex area of law demanding competency and a thorough understanding. Look for an attorney well-versed in estate planning techniques and strategies who stays current on the latest laws and trends. A strong background in wills, trusts, probate, and estate administration is vital for an estate planning attorney, along with years of experience.

Do they communicate clearly?

Good communication involves listening and speaking. Your estate planning attorney should take an active interest in you, taking the time to understand your unique situation, goals, and concerns. They should ask probing and follow-up questions to ensure that they have heard you correctly. The right attorney will break down concepts like living trust vs will and will or trust, making them easy to understand.

Are they trustworthy?

Your attorney will have access to your personal information, including your bank account, investment accounts and other finance accounts, income tax and tax return statements, life insurance policies, real estate, and the amount of money you earn. Choose a professional with integrity who will maintain strict confidentiality and manage your information with confidentiality and care.

Do they offer tailored solutions?

Because each person’s circumstances and goals are unique, a competent attorney will deliver customized solutions, based on your feedback and desires.

McCarthy & Akers, PLC, Serving Winchester and Northern Virginia, Will Chart the Path Forward for Your Success 

Wills and trusts are a critical aspect of estate planning, requiring a trustworthy advocate who will listen to your challenges and offer tailored solutions for protecting your loved ones and distributing your assets in compliance with your wishes and state and federal laws. At McCarthy & Akers, PLC, we understand that having so many options and so much to read and understand can feel overwhelming. 

Our experienced and compassionate attorneys will listen to your concerns, answer your questions, and help you make informed choices concerning wills and trusts. Let us be your guide. Contact us at (540) 722-2181(540) 722-2181 or complete our online form to schedule a consultation. With offices in Winchester, Strasburg, Woodstock, Front Royal, Manassas, and Warrenton, we’re conveniently located to serve you.

Trust McCarthy & Akers to be your partner in planning for the future.