Many people consider worrying about trusts and estates to be morbid. However, having a proper trust and estate plan in place can save you a large amount of worry and headache later on. A proper plan will also ensure that your assets and other belongings are properly distributed in accordance with your wishes.
An experienced trust and estates attorney in Chesapeake at Mahoney & Richmond, PLLC, can help you develop a trust and estate plan that is both well-crafted and cost-effective. Please reach out today to learn more about how we could assist with your trust and estate legal issues and needs.
There are many different ways that a trust and estates lawyer in Chesapeake may be able to help. A lawyer could assist you with all of the following:
Drafting a trust can serve several different goals. There are also several different types of trusts that can be used, depending upon your desired end result. Those trusts include charitable remainder trusts, living trusts, and trusts that provide for surviving loved ones after a person passes away.
One common type of trust that is used in the Commonwealth of Virginia is a living trust. With a living trust, an individual transfers certain property interests into the trust. Once the trust is created, the individual will manage his or her property in essentially the same way as before he or she created and opened the trust. More importantly, when the individual passes away, the property that had been held in trust will go to the beneficiary or beneficiaries designated beforehand – all without having to wind its way through the lengthy and tedious probate process.
Even with a valid trust in place, it is still a good idea to have a will that provides for asset distribution and the recipients of those assets upon a person’s passing.
The knowledgeable legal team at Mahoney & Richmond, PLLC, can help you craft a workable trust, such as a living trust, and help you develop an effective estate plan. For a legal consultation or case evaluation with an experienced Chesapeake trust and estates lawyer, please contact us online today for more information.