Estate Planning: When Do You Need A Revocable Trust?
Estate planning is a crucial aspect of financial management that should not be overlooked. It involves preparing to transfer your assets and properties to your beneficiaries upon death. Many people believe a will is sufficient to handle their estate, but other options, such as revocable trusts, can offer added benefits.
This blog will discuss revocable trusts, their advantages, and whether you need one for your estate plan. It will also give you an overview of how The Irving Law Firm can help Manassas, Virginia, residents with creating a revocable trust as part of their estate planning.
What Is A Revocable Trust?
A revocable or living trust is a legal document that holds your assets while you are alive and provides instructions on how to distribute them after your death. You can retain control over your assets if you designate yourself as the trustee and beneficiary. Then, provide for a successor trustee and secondary beneficiaries upon your death. Anytime when there is a life-changing situation, you can change or cancel your revocable trust.
Unlike other estate planning tools, a revocable trust is a private document that does not go through probate, the legal process of validating a will. Probate can be costly and time-consuming, and the process can be challenging for your beneficiaries. A revocable trust allows your assets to be distributed more efficiently and privately, saving your beneficiaries time and money.
Advantages Of A Revocable Trust
There are several benefits to having a revocable trust as part of your estate planning tools.
- Avoidance of probate: As mentioned earlier, a revocable trust allows your assets to be distributed without going through probate. This can save your beneficiaries a significant amount of time and money.
- Privacy: A revocable trust is a private document whose contents are not made public. This can be beneficial if you have sensitive or personal information you do not want to disclose.
- Control: With a revocable trust, you can control and benefit from your assets during your lifetime. You can change the trust, add or remove assets, and change beneficiaries as needed.
- Protection: A revocable trust can protect your assets if you become incapacitated. If you cannot manage your affairs, the successor trustee can step in and manage the assets on your behalf.
- Flexibility: A revocable trust can be designed to meet your specific needs and objectives. You can include provisions for your beneficiaries, such as restrictions on spending or requirements for certain types of behavior.
Do You Need A Revocable Trust?
Your unique circumstances depend on whether you need a revocable trust as part of your estate planning needs. Here are some factors to consider.
- Size of your estate: A revocable trust may be beneficial if you have a large estate. It can help reduce your estate’s tax liability and ensure your assets are distributed according to your wishes.
- The desire for privacy: If you value privacy and do not want your personal information to be made public, a revocable trust can be a good option.
- The desire for control: If you want to handle control of your assets while alive and ensure they are distributed according to your wishes after your death, a revocable trust can be helpful.
- Potential for incapacity: If there is a risk that you may become incapacitated in the future, a revocable trust can protect your assets.
Estate Planning With The Irving Law Firm
Estate planning can be a complex and emotional process, and it’s crucial to have experienced legal counsel to guide you through it. The Irving Law Firm has an award-winning team of experienced and compassionate attorneys focusing on estate planning and other practice areas.
They understand the importance of ensuring that your assets are distributed according to your wishes and that your loved ones are cared for after your death. Their skills can help you navigate the legal and financial aspects of estate planning, including wills, trusts, and probate. Contacting The Irving Law Firm in Manassas, Virginia, can give you peace of mind knowing that your estate planning needs are in capable hands.
Summary
Estate planning is an essential aspect of financial management that should not be ignored. While a will helps transfer assets after your death, a revocable trust can offer added benefits. If you have a large estate, value privacy, want to control your assets and avoid the probate process, or are at risk of becoming incapacitated, a revocable trust may be a helpful tool for you. It is best to consult with an estate planning attorney at The Irving Law Firm in Manassas, Virginia to determine the best options for your unique circumstances.
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Passionate, Fierce and Meticulous
I don’t normally post things and typically stay to myself, but I felt convicted as someone out there may be going through the same thing that I have- fighting for custody/ visitation of your child and can use some direction. There’s a lot of great attorneys/ firms out there and I have spent the money hiring and/ interviewing, but I needed a meticulous, fierce and dynamic one just to have a fighting chance. From the moment I met Attorney Rebecca Thacher, I knew she was the attorney for me. I didn’t feel like a client, I was family. What’s crazy about this….. My case was on a Monday morning, but because I retained her as my lawyer so late, I didn’t give her my information until almost after 4:00 on that Friday. She understood my plea for help and was absolutely fierce in the courtroom citing all my concerns and raised crucial points. I came out victorious. I’m a father and I know what it’s like for a child to be used as a weapon, with Attorney Rebecca Thacher you are not in this alone so please ask for help and retain her.
He’ll Fight For You In The Court Until You Can’t Fight AnymoreI got charged with a possession charge and couldn’t afford a lawyer at the time, so the court appointed Fernando to my case. Whenever you choose to get a court appointed lawyer you’re always taking a risk. Because you’re one of who knows how many clients the court has given him with the same problems. But, Fernando never made me feel like another “body” he’d do basic work for while moving to the next. He’s sincere, he listens, and genuinely wants his clients to succeed. He’ll fight for you in the court until you can’t fight anymore. He was truly a blessing and a great lawyer.
I Always Felt That She Had My Best Interests At Heart
Angela Morehouse at the Irving Law Firm represented me in my divorce and for the guardianship/conservatorship of my mother. Her and her paralegal are not only professional but thorough in their representation. I always felt that she had my best interests at heart and could count on her and the firm during my most difficult times. I would highly recommend Angela and the firm and wouldn’t hesitate to retain them in the future if the need arises.
He Is Such A Good Lawyer & Will Fight Hard For You
Mr.Irving literally saved my life. He is such a good lawyer and will fight hard for you. His whole staff is also super nice and professional. I was in big trouble and he managed to get my charges dropped down to a lower offence. I really appreciated his direct straight up approach with me, along with his empathy and understanding. I will never use another lawyer again. He really is the best!.
Has Been Fully Engaged In Working My Case From The Moment He Was Assigned!
A fantastic firm. I have used them for both criminal defense and civil law and cannot recommend them enough. For my civil case I was awarded significantly more than I thought I would be getting and it came in a very timely manner. Fernando, who is handling my criminal case, is amazing. He has been fully engaged in working my case from the moment he was assigned. He is trustworthy, provides honest assessments of situations, and has proven himself invaluable to me. In this very trying time he has also shown that he actually cares about my case and it’s outcome. I’m so grateful he’s on my side and I have recommended him to a number of friends and family members. If you need a lawyer this entire firm seems to be absolutely top notch.
He Delivered On Everything He Promised!
Mark B. was amazing! He delivered on everything he promised. He prepared me for worst case scenario and had a great plan from the beginning. Luckily he was able to get all charges dropped. He’s a very busy guy but never made me feel like he rushed anything. I usually do not like dealing with lawyers, but he’s a rare breed. He’s very professional, personable and likable. Best of all he charged me a flat fee up front. I owe that guy everything. Least I could do is leave a great review. I would definitely recommend him, and use his talents again if needed.
Thanks For The Comfort Of Having A Great Law Firm To Lean On!John Irving and the rest of the team at Irving Law Firm have provided exceptional service for all of my needs on multiple occasions. I would not recommend anyone else. They take the time to explain what will happen, keep you updated, and make sure to provide the best possible help they can. Thanks for the comfort of having a great law firm to lean on!
The Outcome Was Better Than We Could Have Hoped For
John and The Irving Law Firm handled our case with the utmost professionalism and dignity. We are grateful for John’s knowledge and his great reputation in the area. The outcome was better than we could have hoped for and, should we ever have need for legal services again, The Irving Law Firm will be our first call.
The Best Customer Service, Amazing Rates & Knowledge In The Business
John is an amazing lawyer with the experience and knowledge to represent anybody with any issues. I highly recommend the Irving Law Firm to anybody looking for a law firm with the best customer service, amazing rates and knowledge in the business.
Quick To Respond & Are Empathetic To Your Struggles
The attorneys at Irving and Irving are honest, hard-working and will stand by you until your case is closed. They are quick to respond and are empathetic to your struggles. If I ever need an attorney again, they are the only one’s I would trust. Thank you!
Handled My Case Including Guidance Before & During My Time In CourtJohn and his team are great at what they do. I was pleased at how they handled my case including guidance before and during my time in court. I would recommend them to anyone.
Genuinely Wants His Clients To Succeed & Cares For Their FutureMark is an outstanding lawyer. He has been nothing but respectful and professional since the day I have met him. He genuinely wants his clients to succeed and cares for their future. I Would definitely recommend him in the future to anybody who’s looking for a lawyer.
When I Say He Fought For Me He Fought For Me!
I want to say this is the best law firm. Mark is the best very professional and outstanding never lied to me was always upfront with me. He stood up for me in court he’s just awesome I can’t say enough about him. I would recommend this law firm to any and everyone that wants good representation. When I say he fought for me he fought for me!!!!! He always was there when I called or emailed if he was a tab bit busy. He knows what he is doing in the courtroom. Thank you so much Mark.
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