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Virginia Estate Planning Lawyers
Offices in Virginia Beach, Williamsburg, and McLean
What Is Estate Planning
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, to set up a comprehensive plan to ensure that all of your bases are covered.
While there are some commonly used estate planning tools, every plan should be customized to a person’s specific situation. The Virginia 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.
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 in place, your assets will be distributed as designated by state law. It is also important to remember that anyone can become incapacitated or die at any time. For this reason, no matter what your age, estate planning is something to be undertaken in the present since procrastination can endanger your beneficiaries. The law firm of J.S. 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
Estate planning in Virginia offers several benefits, including:
- 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 disputes among beneficiaries.
- 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 to understand the specific benefits that apply to your situation and to create a customized estate plan that meets your needs.
The Most Common Tools of Estate Planning - Wills and Trusts
Two of the most common tools used in estate planning are wills and trusts. A will is a legal document that provides instructions as to 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 even among those who are 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.
What is a Revocable Living Trusts?
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.
Trusts are highly customizable and allow assets to pass automatically upon the death of the grantor 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 as well to cover any of the assets that were not transferred into the trust in time. Trusts may also save you from estate taxes, lawsuits, and creditor claims and provide protection against forced Medicaid spend-downs.
The attorneys of J.S. Burton regularly create trusts of all kinds on behalf of estate planning clients and even serve sometimes as trustees.
Call our estate planning firm at (888) 885-9001 to schedule a free consultation. Se habla español.
Understanding Probate and Estate Administration
J.S. Burton is available to 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 competently handle all related matters, making the process much more manageable for beneficiaries of the estate.
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, but 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.
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.
What is a Gun Trusts?
If you own firearms, it is important to include a gun trust in your estate plan. This document is specifically drafted to address and avoid potential consequences for your beneficiaries. Because guns are regulated by both state and federal laws, these assets require careful attention form an experienced estate planning attorney.
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Opinions That Matter Most
Read What Our Former Clients Have to Say
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John has assisted me with my estate planning. All aspects of my trust are clearly defined in a folder which were explained by John and are very clear and easy to understand. John reached out to my financi
- Elizabeth M. -
Thorough, responsive, and knowledgeable. I highly recommend this firm!- Krystin R.
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We consider ourselves very fortunate to have had his guidance for over two decades- Ryan D.
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We are so happy with Mr. Burton's services and would give him the highest recommendation possible.- Kathy R.
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The service was excellent!- Susan B.
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Competent, professional service.- Fred S.
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My family and I are in your debt and look forward to working with you in the future!- William P.
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Fallon Whidden Esq. provided outstanding Estate Planning services for myself and my family.- William P.