Building a Plan With a Trust Lawyer in Northern Virginia
A trust lawyer in Northern Virginia can help you decide whether a trust fits your goals, choose an appropriate structure for your family, and plan how to transfer your assets into it. For many families, the concern is not just creating the trust, but ensuring the home, financial accounts, and other property are properly coordinated with it so the plan works as intended.
Trusts are at the center of Trust-Based Estate Planning. Rather than treating a Trust as one document among many, McCarthy & Akers uses Trust planning as the foundation for developing a coordinated Estate Plan around your assets, family, and long-term goals.
That is why McCarthy & Akers, PLC | Estate Planning Attorneys begins by learning about your family, assets, and long-term goals. Whether you want to avoid probate for certain property, provide for a beneficiary with special needs, control how a young adult inherits, or keep financial affairs more private, we help develop a personalized trust and guide you through the funding process.
Call us today at (703) 452-4988 or complete our online contact form to schedule a consultation.
Key Takeaways
Here are several points to consider before creating or updating a trust:
- Wills, powers of attorney, health care documents, beneficiary designations, and other estate planning documents can work alongside a trust.
- Virginia law governs how you create and manage trusts, including the roles of trustees and beneficiaries.
- Revocable living trusts provide flexibility because you can generally change or cancel the trust later if your circumstances or wishes change.
- Signing the trust does not automatically move your property into it. Funding the trust can involve updating account ownership, beneficiary designations, and other records. As part of the trust package, McCarthy & Akers also prepares a deed of gift to place your primary residence into the trust.
- Families can consider revocable or irrevocable trusts depending on their circumstances.
- McCarthy & Akers, PLC can help you choose an appropriate trust, prepare the documents, and guide you through funding it as part of your broader estate plan.
What a Trust Actually Is
A trust is a legal arrangement in which one person (the trustee) holds and manages property for the benefit of another person (the beneficiary) according to terms set by the person who created it (the settlor or grantor).
In Virginia, the Virginia Uniform Trust Code primarily governs trusts created during life and also applies to testamentary trusts in many circumstances.
A trust can work alongside other estate planning documents, but each serves a different purpose. Some important differences include:
- Will: Generally takes effect at death and directs how certain property should pass.
- Trust: Holds and manages assets according to your instructions, both during your lifetime and after your death.
- Power of Attorney: Lets someone you choose handle certain financial or legal matters for you while the assets remain in your name.
McCarthy & Akers, PLC helps clients coordinate these documents as part of a personalized estate plan built around their family, assets, and long-term goals. Clients can also include a Legacy Letter alongside these legal documents to share personal values, family stories, wishes, or guidance with future generations.
Types of Trusts Used in Northern Virginia Estate Plans
Families considering Northern Virginia trusts have different options depending on their goals, assets, and circumstances. Common types include:
Revocable Living Trust
This is a trust you create during your lifetime that you can amend or revoke as long as you retain the required capacity.
Revocable living trusts often avoid probate for assets titled in or otherwise included in the trust and provide a plan for managing property if you become unable to do so.
Irrevocable Trust
This type of trust places more limits on your ability to change or revoke it than a revocable trust. Irrevocable trusts transfer property to a trustee during your lifetime and can be used as part of long-term care planning to help protect certain assets from future care costs. Assets properly held in the trust can also avoid probate.
Special Needs Trust
A special needs trust can help family members with disabilities preserve eligibility for certain needs-based public benefits. These trusts require careful planning so distributions can support the beneficiary without unnecessarily affecting available benefits.
Spendthrift Trust
A spendthrift provision can be included in a revocable or irrevocable trust to limit a beneficiary’s ability to transfer their interest and, in some circumstances, limit when certain creditors can reach trust assets.
How a Funded Trust Can Help Avoid Probate in Virginia
A trust can help certain assets avoid probate if you properly transfer them into the trust during your lifetime. This can include a home, financial accounts, investment property, or other property that fits the plan. After your death, those trust assets can generally pass according to the trust’s instructions without going through probate court.
If you leave an asset outside the trust, it may pass through a will, beneficiary designation, joint ownership, or another method. A trust lawyer in Northern Virginia can help review your accounts, deeds, and other assets and guide you through the funding process so the trust works with the rest of your estate plan.
Benefits of Working With a Trust Attorney in Northern Virginia
A trust attorney can help you create a plan that reflects your family, assets, and long-term goals. At McCarthy & Akers, PLC, we take a personal and holistic approach to trust planning, including:
- A Trust Built Around Your Goals: We help you consider whether a revocable living trust, irrevocable trust, special needs trust, or another structure fits what you want your estate plan to accomplish.
- Help With Funding: We help you identify which accounts, real estate, and other assets need to be moved into or coordinated with the trust so it can work as planned.
- Coordination With Your Full Estate Plan: We review how your trust works with your will, power of attorney, advance directive, and other estate planning documents.
- Guidance When Choosing a Successor Trustee: We explain the responsibilities involved so you can choose someone who fits the role and your family’s circumstances.
- A Relationship That Can Continue as Life Changes: As your family, assets, business interests, or goals change, we can help you review whether your trust and other parts of your estate plan still reflect your wishes, including how your existing business arrangements fit into that plan.
How the Trust Planning Process Works With McCarthy & Akers
Step 1: Start With a Consultation
We begin by listening to your story, concerns, family circumstances, and long-term goals. You can schedule a consultation by calling (703) 452-4988 or using our online contact form.
Step 2: Build a Personalized Plan
Our attorneys review your priorities and explain which trust structure and related estate planning documents fit your circumstances. We focus on creating a plan that reflects your family, property, and financial goals.
Step 3: Prepare Your Trust Documents
We draft the trust and related documents based on the plan you discussed with one of our lawyers. We then walk you through the provisions so you know how the documents are designed to work together.
Step 4: Complete the Signing
Our team coordinates the signing process and helps you complete the formal steps required for your estate planning documents.
Step 5: Put the Plan Into Place
After signing, we provide detailed funding instructions that explain how to title appropriate assets in the trust. This gives you a clear action plan for putting the trust into place.
Trust Matters We Handle
McCarthy & Akers, PLC helps Northern Virginia clients with a range of Trust-Based Estate Planning matters, including:
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- Revocable living trusts
- Irrevocable trusts
- Special needs trusts
- Trust funding assistance
- Existing trust reviews and updates
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Trust planning for LLC interests and existing business arrangements
Why Work With McCarthy & Akers, PLC
At McCarthy & Akers, PLC, Trust-Based Estate Planning starts with learning about you, your family, and what matters to you. We take the time to hear your priorities and long-term goals, then develop a plan that reflects your needs.
Our approach is holistic and straightforward, guided by candor, authenticity, and a commitment to supporting the families and communities we serve. We work with clients throughout Northern Virginia, including Great Falls and Manassas.
We focus on clear communication, personalized service, and practical legal counsel so you can move forward with confidence and peace of mind.
Why Trusts Are Central to Trust-Based Estate Planning
Trust-Based Estate Planning begins with a different question than traditional document-focused planning. Instead of simply asking which documents you need, it considers what your Estate Plan should accomplish and how a Trust can serve as the foundation for achieving those goals.
A Trust can provide a framework for managing and transferring assets, avoiding probate for properly funded Trust assets, and establishing terms for how beneficiaries receive property. Virginia law expressly recognizes multiple methods of creating a Trust and establishes requirements for a valid Trust. At McCarthy & Akers, Trusts are the firm’s primary planning focus, with other services incorporated around the Trust-based strategy when appropriate.
Start Your Trust Plan in Northern Virginia With McCarthy & Akers
You do not need to wait for a major life change to start planning for your family’s future. If you are considering a trust, McCarthy & Akers, PLC | Estate Planning Attorneys can help you talk through your goals, ask questions, and decide what approach fits your circumstances.
If you are in Great Falls, VA, or another Northern Virginia community, call (703) 452-4988 or complete our online contact form to schedule a consultation.
Trust McCarthy & Akers to be your partner in planning for the future.
Frequently Asked Questions
How much does a trust lawyer in Northern Virginia charge?
McCarthy & Akers uses flat fees for its estate planning services and discusses the applicable fee before a client moves forward. Costs can vary based on the documents involved, property ownership, family circumstances, business interests, and planning goals.
Do I need a lawyer to create a trust in Virginia?
Though Virginia law allows you to create a trust without hiring an attorney, working with a trust attorney can help make sure the trust reflects your wishes and does what you intend it to do. An attorney can also help you avoid common problems that can arise with do-it-yourself drafting and provide guidance on properly funding the trust.
What type of lawyer should I hire to set up a family trust?
An estate planning lawyer who works with trusts can help you choose an appropriate structure, prepare the documents, and address how your assets should be coordinated with the trust.
What is a revocable living trust?
A revocable living trust is created during your lifetime and can hold and manage assets according to your instructions. In Virginia, the settlor can amend or revoke the trust unless its terms make it irrevocable.
Who should consider setting up a trust?
A trust may be worth considering if you have minor children, own real estate or a business, have a blended family, own property in more than one state, want greater privacy, or want more control over how and when beneficiaries inherit. For parents of minor children in particular, a trust can provide instructions for how property should be managed for them until they are ready to handle it themselves.
What are the different types of trusts?
Common types in Northern Virginia include revocable living trusts, irrevocable trusts, special needs trusts, and spendthrift trusts. Each can serve a different estate planning purpose.
Does a trust avoid probate automatically once it is signed?
Signing the document does not automatically move your home, accounts, or other property into the trust. Assets generally need to be properly transferred or otherwise coordinated with the plan. As part of its trust package, McCarthy & Akers also prepares a deed of gift to transfer your primary residence into the trust.
Can a lawyer prevent my trust from being challenged?
A trust lawyer can help prepare documents that follow Virginia law, clearly express your wishes, and support a well-documented estate plan. A well-drafted trust may also be less vulnerable to legal challenges than a will. McCarthy & Akers includes a no-contest provision in its trust documents to help discourage certain challenges, although no attorney can eliminate the possibility of a future dispute.
What happens if I never fund my trust?
If you do not move assets into the trust, those assets generally remain outside it and may pass another way after your death, such as through a will, beneficiary designation, joint ownership, or another transfer method.
Can I be my own trustee of my revocable living trust?
Many people serve as the initial trustee of their revocable living trust and name a successor trustee who can act later if they become unable to manage the trust or after death.