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Wills & Trusts Services in Virginia
Creating a will or trust is a crucial step in estate planning to ensure your assets are distributed according to your wishes. Without a proper plan, families may face probate delays, legal disputes, and unnecessary costs. At McFather Law Firm, we provide personalized estate planning services that simplify the process and give you confidence in your future. Whether you need a simple will, a revocable living trust, or a comprehensive estate strategy, we help you make informed decisions that align with your goals.
Answers to common questions about wills and trusts.
Wills and trusts can be confusing, but understanding your options helps you make informed estate planning decisions.
What is the main difference between a will and a trust?
A will outlines asset distribution but must go through probate, a public and time-consuming process. A trust bypasses probate, allowing assets to transfer directly to beneficiaries. Trusts also provide more privacy and control, while wills are often simpler and cover guardianship decisions for minor children.
Do I need a trust if I already have a will?
Not necessarily, but a trust provides added benefits like avoiding probate and maintaining control over asset distribution. Trusts are especially useful for high-value estates, blended families, and ensuring specific conditions are met before beneficiaries receive assets.
Can a trust help me avoid estate taxes?
Yes, some trusts minimize estate taxes by placing assets outside your taxable estate. Irrevocable trusts offer tax advantages, while revocable trusts provide flexibility but are still subject to taxes. Our firm helps design an estate plan that fits your financial goals.
What happens if I don’t have a will or trust?
If you pass away without a will or trust, state laws determine asset distribution. This often leads to probate delays, unexpected inheritances, and legal disputes. Having an estate plan ensures your assets go to the people you choose, rather than being dictated by state law.
Can't I just use a "Joint Tenancy with Right of Survivorship"?
When property is held in ‘joint tenancy with right of survivorship’ by two or more people, upon the death of one of the owners, all of his/her interest in the property is immediately transferred to the surviving owner(s). It is vitally important to understand that ‘joint tenancy’ is not a substitute for Estate Planning. Rather, ‘joint tenancy’ is merely a tool in our Estate Planning toolbox.
For married couples, while full ownership transfers to the surviving spouse upon the death of the first spouse, joint ownership does not help to transfer the estate upon the later death of the surviving spouse. Further, there are multiple problems with adding your adult child’s name as a ‘joint tenant’ on your property deed.
One problem is that while you may believe such a move will help you avoid probate, there is always the risk that your adult child’s creditors will be able to reach the ‘joint tenancy’ property while you are still alive, potentially causing you to lose your house! Adding another person to your deed may also create an unintended taxable gift! One other problem with adding your adult child as a ‘joint tenant’ arises in the unfortunate event your adult child becomes disabled prior to your own death.
What if I want to change my will?
Wills can be changed/modified through an addition called a Codicil. If the changes to be made are numerous or significant, it may be a better choice to draft a completely new Will.
How do I get started with estate planning?
The first step is a consultation with McFather Law Firm. We review your assets, goals, and family needs to determine whether a will, trust, or combination best suits your situation. Our team provides personalized guidance to simplify estate planning and ensure your future is secure.
What happens after I sign my will?
Once you sign your final Will, it will be important for you to store it in a safe place. Let your Executor know where your Will is located. It is not necessary to file a Will with the court. You may opt to store your Will indefinitely on your personalized and secure portal available via our McFather Law Firm website.