Estate Planning Lawyer in Arlington, VA
Planning for the future can feel overwhelming, especially when it involves the people and assets you care about most. Many families struggle with questions about how to distribute property, protect loved ones, and handle medical decisions if something unexpected happens. Estate planning enables you to make these choices while reducing stress for your family in the future.
At Gillis Law, we recognize that every client comes with unique circumstances. Our attorney brings years of experience in helping families in Arlington, Virginia, and surrounding areas plan for the future while providing compassionate guidance throughout the process. Contact our firm to discuss your situation and begin working together to create an estate plan you can trust.
Wills and Trusts
Wills are some of the most common estate planning tools. They allow you to direct how your assets will be distributed after your death. Trusts, on the other hand, offer a means of transferring assets to beneficiaries outside of the probate process, which can save time and maintain privacy. Both options give you a voice in how your estate is handled and can be customized to meet your family's needs.
Wills allow you to direct exactly who receives your assets, which helps avoid default state rules that might not reflect your wishes. You can also appoint guardians to care for minor children. Additionally, a will allows you to choose an executor to manage your estate, so your affairs are handled according to your instructions.
Trusts offer an additional set of advantages in estate planning. They can help your assets pass to beneficiaries without going through probate, which can save time and maintain privacy. Trusts also offer protection for beneficiaries by controlling access to funds. In some cases, trusts can reduce taxes, potentially lowering estate and gift tax obligations.
Both wills and trusts provide a foundation for estate planning. They help make your wishes known and reduce uncertainty for your loved ones. Deciding which option fits your needs depends on your family situation and financial goals. Contact us at Gillis Law to speak with an experienced estate planning attorney about which approach might work best for you.
Creating a Will in Virginia
Creating a will in Virginia is a straightforward process that ensures your assets are distributed according to your wishes. To make a legally valid will in Virginia, the testator (the person creating the will) must be at least 18 years old and of sound mind. The will must be in writing and signed by the testator, as well as two competent witnesses who are present at the time of signing.
Here are the steps to creating a will in Virginia:
Determine Your Assets and Beneficiaries
Start by making a comprehensive list of your assets, including real estate, bank accounts, personal belongings, and investments. Decide who you want to inherit each of these items, whether it’s family members, friends, or charitable organizations.Select an Executor
Choose a reliable person to act as the executor of your will. This individual will be responsible for managing your estate, ensuring your wishes are carried out, and handling any legal or financial matters after your passing.Draft Your Will
Write a clear and precise document that details your distribution wishes. You can either draft the will yourself using templates or seek assistance from an experienced estate planning attorney to ensure compliance with Virginia laws.Sign the Will in Front of Witnesses
Virginia law requires that you, the testator, sign the will in the presence of at least two competent witnesses. The witnesses must also sign the will to verify its authenticity. It’s important that the witnesses are impartial and not beneficiaries of the will.Store the Will Safely
Once the will is completed and signed, store it in a safe and secure location, such as a fireproof safe or with your attorney. Inform trusted individuals, such as family members or the executor, about its location so it can be easily accessed when needed.
By carefully following these steps, you can create a valid will in Virginia that ensures your wishes are respected and your loved ones are cared for. It is important to clearly outline how your property will be divided and to name an executor responsible for managing your estate. Our experienced estate planning attorney can help you create a will that meets all legal requirements and reflects your true intentions.
Creating a Trust in Virginia
A trust is a legal arrangement that allows you to transfer assets to a trustee, who manages them for the benefit of your chosen beneficiaries. Creating a trust can provide enhanced flexibility and control over how your assets are distributed, both during your lifetime and after your death. Trusts also offer benefits such as avoiding probate, maintaining privacy, and potentially reducing estate taxes.
Here are the steps for creating a trust in Virginia:
Determine the Purpose of the Trust
Begin by identifying your goals for the trust. Whether you aim to protect assets, manage wealth for future generations, or provide for a loved one, having a clear purpose will guide the process.Choose the Type of Trust
Decide on the appropriate type of trust based on your objectives. Common options include revocable living trusts, irrevocable trusts, special needs trusts, or charitable trusts. Your choice will depend on factors such as flexibility, tax considerations, and the level of control you wish to retain.Identify the Beneficiaries
Specify who will benefit from the trust. Beneficiaries can include family members, friends, or organizations, and you can outline the conditions or timing for distributions.Select a Trustee
Appoint a trustee to manage and administer the trust. This person may be you (in the case of a revocable living trust) or a third party, such as a trusted family member, friend, or professional fiduciary.Outline the Terms of the Trust
Clearly define how the assets will be managed, distributed, and any conditions for beneficiaries. This is a critical step to ensure your intentions are followed.Fund the Trust
Transfer ownership of your assets into the trust. This may include real estate, bank accounts, investments, or personal property. Properly retitling the assets is essential to ensure they are covered by the trust.Work with a Qualified Attorney
Consult an estate planning attorney familiar with Virginia laws to draft the trust document. A professional will ensure your wishes are accurately represented and that the trust complies with all legal requirements.Sign and Execute the Trust
Once the trust document is drafted, sign it in accordance with Virginia’s legal requirements. Some trusts may require notarization or witnesses.Review and Update the Trust as Needed
Regularly review your trust to ensure it continues to meet your goals and aligns with any changes in your circumstances or Virginia law.
Establishing a trust involves identifying the type of trust you want, such as a revocable living trust or an irrevocable trust, and clearly defining its terms. Working with a qualified estate planning attorney ensures your trust is properly drafted, complies with Virginia laws, and aligns with your personal goals.
Speak With an Experienced Estate Planning Attorney
Power of Attorney and Health Care Directives
Planning for the possibility of incapacity is just as important as preparing for what happens after death. A power of attorney allows someone you trust to handle financial matters on your behalf if you're unable to act. Health care directives give instructions about medical treatment and appoint a health care agent to make decisions if you can’t.
Several types of powers of attorney can be included in estate planning. A durable power of attorney remains effective even if you become incapacitated. A limited power of attorney, on the other hand, applies only to specific tasks or decisions and provides flexibility for certain situations. Springing powers of attorney take effect only under defined conditions.
Health care planning is essential for protecting your wishes. A living will allows you to specify your medical treatment preferences in advance, while a health care proxy appoints someone to make decisions if you’re unable. Do-not-resuscitate orders also offer clear guidance on life-saving measures.
Including these documents in your estate planning can give you and your family peace of mind. Acting early allows time for careful consideration of your choices and for discussing them with your loved ones. Taking proactive steps can make a significant difference in how smoothly affairs are handled later.
The Legal Requirements for a Power of Attorney in Virginia
Creating a valid power of attorney in Virginia requires adherence to specific legal standards. First, the individual granting the authority, known as the principal, must be of sound mind and at least 18 years old at the time of execution. The power of attorney document must be signed by the principal or by another person in the principal’s presence at their direction.
Additionally, for the document to be seen as genuine, the signature must be properly notarized. While it is not mandatory for the power of attorney to be recorded, certain transactions, such as real estate matters, may require its recording with the local clerk of court.
Beneficiaries and Asset Transfer
One of the most important aspects of estate planning is naming beneficiaries and determining how your assets will be distributed to them. Retirement accounts, life insurance policies, and other financial accounts often have beneficiary designations that override a will. Reviewing and updating these designations regularly prevents unintended outcomes.
Key considerations for asset transfer:
Update beneficiary designations: Keep retirement accounts and insurance policies current.
Consider minor children: Use trusts or custodial accounts to protect assets.
Review jointly held property: Clarify how joint accounts and property pass on death.
Plan for charitable giving: Include gifts to favorite causes in your estate plan.
Designing a clear plan for beneficiaries helps prevent disputes and delays after your death. Each decision can have long-term implications, so decide carefully and thoughtfully. Taking the time now to review and update your beneficiary designations regularly can make a significant difference for your loved ones in the future.
Tax Planning Strategies
Virginia offers various tax planning opportunities to help individuals and families effectively manage their estates while minimizing tax liabilities. Here are some noteworthy tax planning strategies available in Virginia:
Virginia Estate Taxes: Unlike some states, Virginia does not impose a state-level estate tax. However, federal estate tax laws still apply, so it is important to account for assets that exceed the federal exemption threshold.
Use of Gifting Exemptions: Virginia residents can take advantage of the federal annual gift tax exclusion, which allows individuals to gift up to a certain amount to each recipient each year without incurring gift taxes. This can be a powerful way to reduce the taxable estate over time.
Trusts for Asset Protection: Establishing irrevocable trusts, such as grantor trusts or charitable remainder trusts, can protect assets while reducing estate taxes. Virginia residents can tailor these trusts to reflect specific family or charitable goals.
Utilizing Family Partnerships: Family limited partnerships allow the transfer of business interests to family members at discounted values, significantly reducing estate and gift tax obligations. These partnerships are particularly beneficial for families with substantial business interests or investment portfolios.
Retirement Account Planning: Virginia taxpayers can also benefit from smart tax planning around IRAs and other retirement accounts. This includes strategies such as Roth IRA conversions and ensuring tax-efficient beneficiary designations.
Proper tax planning in Virginia aligns your estate plan with your financial goals and can also ensure that your legacy benefits your family with minimal financial complications. Our estate planning attorney can help you stay compliant with laws and maximize the benefits of these strategies.
Incapacity Planning and Long-Term Care
Long-term care decisions, such as nursing home care or in-home support, can have financial and emotional consequences for families. Early planning can provide clarity for you and your loved ones, and it can also help preserve assets for future generations.
Considerations for long-term care:
Long-term care insurance: Helps cover costs of extended medical care.
Medicaid planning: Understand eligibility and preserve assets.
Advance directives: Communicate your care preferences in advance.
Family discussions: Discuss expectations and responsibilities with loved ones.
Incorporating incapacity planning into your estate plan helps avoid stress and confusion during difficult times. It allows your voice to be heard in your care and safeguards your estate. Planning ahead offers peace of mind for you and your family, providing clear guidance and minimizing potential conflicts.
Reviewing and Updating Your Plan
Estate planning isn’t a one-time process; it requires periodic review and updates. Life events, such as marriage, divorce, births, deaths, or major financial changes, can all affect your plan. A consistent review schedule makes sure that your estate plan reflects your wishes over time.
When to review your estate plan:
After major life events: Marriage, divorce, or the birth of a child.
After financial changes: Sale of property, inheritance, or business changes.
When laws change: Stay informed about updates to estate tax or inheritance laws.
Periodic review: Every 3–5 years or as circumstances evolve.
Regularly reviewing your estate plan keeps it aligned with your goals. It also helps you identify areas that may need adjustment or improvement. Our attorney can review your documents and provide guidance on any necessary updates. Making timely updates makes sure that your estate plan continues to reflect your wishes as your life and circumstances change.
Charitable Giving and Legacy Planning
Estate planning also provides an opportunity to leave a lasting legacy through charitable giving. You can include donations to favorite charities or set up foundations to support causes you care about. This approach allows you to continue making a difference even after you're gone.
Options for charitable giving include the following:
Charitable trusts: Provide income to beneficiaries while supporting charitable causes.
Bequests in your will: Leave a specific amount or percentage to a charity.
Donor-advised funds: Contribute now and distribute over time.
Memorial gifts: Honor loved ones while supporting causes you value.
Incorporating charitable giving in estate planning allows your values to be reflected in your legacy. Planning makes sure that your contributions are meaningful and effective. Thoughtful planning can also maximize the impact of your gifts while providing potential tax benefits. We can help structure your charitable giving to align with your goals.
Estate Planning Attorney Serving Arlington, Virginia
Estate planning is an essential step to protect your family and manage your assets. At Gillis Law, we assist clients in Arlington, Virginia, in creating plans that reflect their wishes and priorities. Taking the time now to plan provides clarity and reduces stress for your loved ones later. Contact us to schedule a consultation for our estate planning services today.