Virginia Estate Planning Lawyer

Offices in Virginia Beach, Williamsburg, McLean & Washington, D.C.

Well over half of all Americans have not planned for incapacity or death. Estate planning allows us to exert some control over our affairs after we die. It also eases the process for our loved ones by getting many of the hard decisions, like who gets what, out of the way ahead of time. Estate planning, however, is not a do-it-yourself process. You need an experienced Virginia estate planning attorney, such as those at J. S. Burton, P.L.C., to set up a comprehensive plan to ensure all your bases are covered. With a well-constructed estate plan, you secure your peace of mind and the future stability of your loved ones and beneficiaries.

While some commonly used estate planning tools exist, every plan should be customized to a person’s specific situation. The Virginia Beach estate planning lawyers at our firm have over a decade of experience in estate planning, asset protection, and elder law and bring that experience to bear with every client we take on in Virginia Beach, Williamsburg, and McLean areas. Furthermore, engaging with a knowledgeable estate planning attorney can significantly reduce stress for your executors and beneficiaries by minimizing the chances of disputes and misunderstandings.

Call our firm at (888) 885-9001 to schedule a free consultation. Se habla español.

Why Estate Planning Is Important

Estate planning aims to ensure that all of your assets are preserved for your intended beneficiaries. Therefore, this process is for everyone—young, old, parent, or adult child—and those at various income levels. If you die without a plan, your assets will be distributed as designated by state law. No matter what your age, estate planning is something to be undertaken in the present since procrastination can endanger your beneficiaries. 

Our firm prepares the following estate plans for their clients: 

• Wills
• Powers of Attorney
• Advance Medical Directives (Living Wills)
• Revocable Trusts
• Irrevocable Trusts
• Charitable Trusts
• Trusts for Estate Tax Planning (ex: Life Insurance Trusts, Spousal Power of Appointment Trust [SPAT], Grantor Retained Annuity Trust [GRAT])
• Dynasty Trusts
• IRA Trusts
• Educational Trusts
• Special Needs Trusts
• Gun Trusts
• Pet Trusts

Benefits of Estate Planning in Virginia

• Preservation of Assets: Estate planning helps preserve assets by ensuring they are distributed according to your wishes. By creating a comprehensive plan, you can minimize estate taxes, avoid probate, and protect your wealth for future generations.
• Management of Assets: Estate planning allows you to appoint a trusted person as a power of attorney or a trustee to manage your assets if you become incapacitated. This ensures that your financial affairs are handled according to your preferences.
• Distribution of Assets: With an estate plan, you have control over how your assets are distributed after your passing. You can specify beneficiaries, establish trusts, and provide for loved ones, ensuring that your assets are distributed according to your wishes.
• Advance Medical Directives: Estate planning includes the creation of advance medical directives, such as a living will and healthcare power of attorney. These documents allow you to express your wishes regarding medical treatment and appoint someone to make healthcare decisions on your behalf if you are unable to do so.
• Avoidance of Unnecessary Costs: Proper estate planning can help minimize unnecessary costs associated with the administration of your estate after your death. It can help streamline the process, reduce taxes, and potentially prevent beneficiary disputes.
• Protection for Minor Children: Estate planning allows you to name guardians for your minor children, ensuring their care and well-being if something were to happen to you. It provides peace of mind knowing that your children will be taken care of by someone you trust.
• Flexibility in Planning: Estate planning provides flexibility in adapting to changes in your life circumstances. You can update your plan as needed, incorporating changes in finances, family dynamics, and personal preferences.

It is important to consult with an experienced estate planning attorney in Virginia Beach to understand the specific benefits that apply to your situation and to create a customized estate plan that meets your needs. Building a personalized estate plan with J. S. Burton, P.L.C. can safeguard your assets and ensure a seamless future for your loved ones.

What Should Be Included in a Comprehensive Estate Plan?

A comprehensive estate plan is crucial for fulfilling your final wishes and distributing your assets as intended.

Key components include:

• Will: Specifies asset distribution, appoints an executor, and names guardians for minors, ensuring clarity and legal recognition. Preparing a detailed report will help streamline the probate process, reduce legal ambiguities, and benefit your heirs.
• Trusts: Manage assets during life and beyond, offering privacy and potential tax reductions tailored for various needs like minor children or special needs individuals. Trusts can be designed with specific instructions on managing or distributing funds.
• Power of Attorney: Authorizes someone to make financial decisions if you’re incapacitated, avoiding court intervention. Selecting a reliable power of attorney can ensure that your best interests remain protected in any unforeseen financial matters.
• Healthcare Directives: Also known as living wills, they outline medical preferences and appoint a decision-maker if you're unable. Clearly stating your wishes can lead to more informed decision-making by your chosen health proxy.
• Beneficiary Designations: Keep these updated on accounts like retirement plans, as they can override wills. Regularly reviewing these designations can prevent unintended inheritances and disputes.

Each element secures your assets and respects your wishes. Consulting an estate attorney is vital to customize your plan, prevent disputes, and ensure it meets legal standards and adapts to personal changes. For more information, reach out to a skilled estate planning attorney at our firm. 

Common Tools of Estate Planning: Wills & Trusts

What Is a Will?

Two of the most common tools used in estate planning are wills and trusts. A will is a legal document that provides instructions on how your assets should be distributed after you die. Wills must be probated, or validated, in a special state court. This process is often time-consuming, expensive, and not private since any records filed with the court are available to the public. 

This transparency can cause problems among beneficiaries and those not included in the will but still feel entitled to an inheritance. An additional complexity is that if you own real property in more than one state, your loved ones may be subjected to more than one probate. A robust will can simplify these procedures and offer protection against potential family disagreements. 

What Is a Revocable Living Trust?

Besides a will, another more popular estate planning tool is the revocable living trust. Once a trust is created, all of your assets are transferred into it. Then, upon your passing, these assets are distributed according to the terms of the trust. A revocable living trust empowers the grantor to maintain control over the trust assets while alive, allowing for modifications if circumstances change.

Trusts are highly customizable and allow assets to pass automatically upon the grantor's death, so no probate process is necessary. Trusts may be less expensive, less time-consuming to administer, and are much more private. Even so, a will is usually drafted to cover assets not transferred into the trust in time. Trusts may also save you from estate taxes, lawsuits, and creditor claims and protect against forced Medicaid spend-downs. Leveraging a combination of trusts and wills can provide a comprehensive safety net for your beneficiaries, offering flexibility and peace of mind. 

The attorneys of J.S. Burton regularly create trusts of all kinds on behalf of estate planning clients and even sometimes serve as trustees. These trusts are crafted carefully considering each client's unique needs and future goals. 

How Do I Choose the Right Executor for My Estate?

Choosing the right executor for your estate ensures your final wishes are honored.

Consider the factors below when choosing the executor of your estate:

• Consider trustworthiness. This person will manage and distribute your assets per your will.
• Organizational skills are vital, as the executor must handle paperwork, meet deadlines, and possibly work with legal and financial professionals.
• Impartiality is key. It’s beneficial to select someone who can remain neutral and fair.
• The executor should also be financially savvy to manage debts, taxes, or investments.
• Effective communication skills are important, as they must interact with beneficiaries and professionals throughout the process.

Lastly, it is essential to discuss the role with your chosen executor to ensure they are willing and able to accept the responsibility. It may also be prudent to name an alternate executor in case your first choice cannot serve when the time comes. In need of an estate executor? Consulting with an estate planning lawyer at J. S. Burton, P.L.C. can provide additional guidance tailored to your situation.

Understanding Probate & Estate Administration

J.S. Burton can represent you in the probate or trust administration process. We are often appointed as executors of clients' estates and can assist if the appointed executor is unable to fulfill his or her duties. We can handle all related matters, making the process much more manageable for estate beneficiaries. Our comprehensive approach ensures that estate administration is handled with the utmost care and attention to detail, thus ensuring smooth transitions during difficult times.

Estate Planning for Pets

When engaging in estate planning in Virginia, it is common for people to name guardians for minor children, to specify which family members should get which heirlooms, and to designate beneficiaries of their estate. However, planning for the care of one’s pet is often overlooked. Part of responsible pet ownership is having a plan in place for the care of your pet in the event of your incapacity or death. Pet trusts can be established to provide for ongoing care, medical needs, and comfortable living for your beloved pets, ensuring they are well-cared for and in trusted hands.

If you are one of the 85 million families in the United States who have a pet, then consideration must be given to develop an estate plan for your pet. There are a variety of documents that can be used to help ensure your pet is provided for in the event of your incapacity or death. These include a pet trust, will, durable power of attorney for pet care, care contracts, and care instructions. Including comprehensive care instructions can aid in maintaining the pet's routine and well-being, reflecting your love and responsibility towards them even when you're not around.

What Is a Gun Trust?

If you own firearms, including a gun trust in your estate plan is important. This document is specifically drafted to address and avoid potential consequences for your beneficiaries. Because both state and federal laws regulate guns, these assets require careful attention from an estate planning attorney. Properly organized gun trusts ensure compliance with all firearms laws and safeguard these assets from falling into inappropriate hands, thus preserving family heirlooms.

Call our estate planning firm at (888) 885-9001 to schedule a free consultation. 

Frequently Asked Questions

How Often Should I Update My Estate Plan?

Regular updates to your estate plan are essential to ensure it reflects your current financial status and personal wishes. It’s recommended to review your estate plan at least every three to five years or whenever significant life events occur, such as marriage, divorce, the birth of a child, or a significant change in financial circumstances. Routine updates ensure that your beneficiaries and asset distributions are in line with your current intentions and comply with any new laws.

What Are the Costs Involved in Estate Planning?

The cost of estate planning can vary, depending primarily on the complexity of your estate and the specific elements it includes, such as trusts, wills, and powers of attorney. Basic estate planning can be relatively affordable, but more complex plans, especially those involving multiple trusts or significant tax strategies, may incur higher costs. These are usually outweighed by the potential savings in estate taxes and the avoidance of probate costs in the long term. Consulting with an estate planning attorney will provide a clearer estimate tailored to your specific needs and goals.

Can Estate Planning Protect My Business?

Yes, estate planning can be crucial for business owners to ensure a smooth transition or continuation of their business in the event of their incapacity or death. By incorporating business succession strategies, you can designate how the business is managed and transferred. Planning for contingencies can protect the business's financial stability and operational continuity, benefiting employees and stakeholders. Estate planning ensures that your business is positioned for long-term success and aligns with your personal and professional goals.