After you have consulted with an experienced estate planning attorney to determine whether or not the estate tax will influence your assets after you pass away, it is then important to move on to the process of planning for your beneficiaries after you pass away. There are several different avenues for you can do this. Most people are familiar with wills. Bear in mind that a will is basically a document that gives clear intentions to the probate court, making them aware of how to handle your assets after you pass away.
The disadvantage to putting together a will, however, is that it may have to go into probate court and could ultimately be contested. A revocable living trust is an ideal option for those individuals who may not be fall under the umbrella triggering estate tax issues. Revocable refers to the fact that it is eligible to be changed.
The three different parties making up a trust include the grantor, the trustee and the beneficiary. You will serve as the trustee and the grantor because you are alive when you put together a revocable trust. Trusts give you ultimate power and control over your assets even after you pass away. This can give you a great deal of peace of mind and will help to remove these assets from going through the probate process, which can be extremely beneficial for you as well as your loved ones.
Ready to talk to your Virginia estate planning lawyer about putting together a trust? Reach out today.