Trust Attorney Northern Virginia
If you currently have a Revocable Trust it is important to understand that this is sometimes called a Living Trust for a reason. It is meant to be updated as your family structure or financial situation changes over time. You may wish to add a new family member as your beneficiary, or make adjustments for federal estate tax purposes.
Or, if you have recently moved into the Northern Virginia area from another state, it is a good practice to have all your estate documents reviewed by an experience trust attorney. It is important to know that your documents will work properly ( i.e. meet all the Virginia Code requirements to be valid), and that your assets are legally held in the correct way. Having your documents reviewed and checking on the placement and beneficiary designations for your assets can save your family significant time, expenses and headache. Bottom line: it is well worth a review, usually every three to five years is a good practice. Our firm has been providing such reviews to the residents of Loudoun and Fairfax Counties for seven years.
It is very important to seek the advice of an experienced trust attorney for many reasons. For example, our firm has seen many situations where trusts were written by the clients themselves on-line, or by a general attorney with no tax planning included. With the passage of the 2013 Tax Relief Act, the new federal estate tax rate is forty-percent (40%). If you don't have the correct tax language in place, your estate could be hit with a very expensive tax bill.
A good estate and trust planning attorney should also be advising you to be sure your Revocable Trusts have been funded properly during your life. This will avoid the lengthy and sometimes very expensive court managed probate process. So, again if you have a Revocable Trust make sure your assets are legally owned by your trust to be sure your estate administration will flow as smoothly as possible for your loved ones. If you would like a document review, update or if you have questions about funding your Revocable Trusts please call to schedule your confidential consultation. We look forward to assisting you and your family with this very important matter.