Welcome to Mathews Law, PLLC, your go-to law firm for estate planning in Mclean, VA. Our team of experienced estate planning lawyers is passionate about helping individuals and families create comprehensive estate plans that protect their assets, provide for their loved ones, and reflect their unique values and wishes. We understand that estate planning can be overwhelming and confusing, which is why we strive to make the process as easy and stress-free as possible.
Our team offers a wide range of estate planning services, including estate plans, wills, and living trusts. Each of these tools serves a unique purpose, but they all share the goal of ensuring that you have control over your property and affairs both during your lifetime and after your death.
One of the primary services we offer is estate planning. An estate plan is a comprehensive set of legal documents that outline how your assets will be distributed, who will take care of you if you become incapacitated, and who will make decisions on your behalf if you’re unable to. Estate planning is crucial for ensuring that your wishes are carried out, and your family is protected.
We understand that each client’s needs are unique, which is why we take the time to get to know you and your family’s situation before crafting a personalized estate plan. We will work with you to determine the best combination of wills, trusts, powers of attorney, and other documents that suit your particular needs and will help protect your assets.
A will is a legal document that outlines how your assets will be distributed after your death. It allows you to specify which individuals or charities will receive your assets and in what amounts. Without a will, the court may distribute your assets according to the state’s laws of intestacy. This process can be lengthy and costly and may not reflect your true wishes.
We help clients draft wills that are tailored to their unique needs. Our clients can rest assured that their assets will be distributed according to their wishes. We also ensure that clients are aware of any potential tax consequences of their estate plan and work to minimize those effects.
A living trust is another estate planning tool that can be used to protect assets and ensure that they are distributed according to your wishes. A trust is a legal entity that holds your assets until your death, at which point they are distributed to your beneficiaries. The main advantage of a living trust is that it allows your assets to bypass the probate process. Probate is a court-supervised process that can be costly and time-consuming. By bypassing probate, your beneficiaries can receive their inheritance much faster.
A living trust also allows you to avoid having your assets go through a conservatorship or guardianship proceeding if you become incapacitated. By naming a trustee to manage your assets, you can ensure that your financial affairs are handled competently and in accordance with your wishes.
We help our clients establish living trusts that meet their individual goals and needs. We understand that each client’s situation is unique, and we take the time to assess your goals and develop a customized plan that meets your needs.
FAQ 1. What is estate planning, and why is it important?
Estate planning is the process of preparing a comprehensive legal plan for what will happen to your property and assets after you pass away. This plan can include a will, trusts, powers of attorney, and other legal documents that help ensure that your wishes are followed and your loved ones are taken care of in the way you want. Estate planning is essential for anyone who wants to have control over what happens to their assets after they die.
We believe estate planning is about much more than passing on your assets to your heirs. It’s an opportunity to create a legacy that will last for generations. We’ll work with you to identify your goals and create a plan that reflects your values, intentions, and priorities. We’ll also ensure that your plan complies with all state and federal laws, protecting you and your loved ones from any unnecessary legal challenges or expenses.
FAQ 2. What are trusts, and how can they benefit me?
A trust is a legal tool that allows you to transfer the ownership of your assets to a trustee, who will manage and distribute them according to your instructions. A trust offers several benefits over a will, including:
- Privacy: Trusts are private documents that do not go through probate, which is a public process that may reveal your assets and beneficiaries. A trust allows you to keep your affairs confidential and avoid unwanted scrutiny.
- Control: Trusts give you more control over how your assets are used and distributed, as you can set specific terms and conditions that the trustee must follow. For instance, you can require that your beneficiaries receive their inheritance at certain ages or milestones or that certain assets are used for specific purposes, such as education or travel.
- Protection: Trusts can protect your assets from creditors, lawsuits, and other risks. By placing your assets in a trust, you can shield them from potential liabilities and preserve them for your beneficiaries. Moreover, if you create a trust that lasts for several generations, you can ensure that your assets remain within your family and are not lost or squandered over time.
- Tax savings: Trusts can offer tax advantages, such as reducing estate and gift taxes or securing income tax deductions. Depending on your goals and circumstances, our attorneys can advise you on which types of trusts are most suitable for you.
Here at Mathews Law, PLLC, we have years of experience in creating and administering trusts for our clients. We can help you determine if a trust is right for you and, if so, which type of trust best fits your needs. Additionally, we will work with you to fund the trust properly and ensure that it complies with all legal requirements.
FAQ 3. What is a revocable living trust, and do I need one?
A revocable living trust is a legal instrument that allows you to transfer ownership of your assets to a trustee during your lifetime. You can serve as the trustee of your own trust or choose someone else to serve in that role. The trust document will specify how your assets are to be managed during your lifetime and how they should be distributed after your death. The trust can be amended or revoked at any time during your lifetime, providing you with flexibility and control over your assets.
There are many benefits to creating a revocable living trust as part of your estate plan. For example, a trust can help you avoid probate, which is the court-supervised process of distributing your assets after your death. Probate can be expensive, time-consuming, and can expose your assets to public scrutiny. By using a trust, you can distribute your assets privately and avoid probate altogether.
Another advantage of a revocable living trust is that it can protect your assets in the event of your incapacity. If you become unable to manage your own affairs, the successor trustee (whom you have chosen) can step in and manage the assets in the trust on your behalf. This can help ensure that your bills are paid, your investments are managed, and your loved ones are taken care of.
At Mathews Law, PLLC, we are proud to serve Mclean and its surrounding areas. Please refer to the map below for our service area.
Need Estate Planning Services in Mclean, VA?
Estate planning is an important step in ensuring that your loved ones are taken care of when you’re no longer around. We understand that each client’s needs are unique, which is why we take the time to get to know you and your family’s situation before crafting a personalized estate plan. Using a combination of wills, living trusts, powers of attorney, and other documents, we work to ensure that your assets are protected, and your wishes are carried out. Contact us today to schedule a consultation and take the first step toward ensuring peace of mind for yourself and your loved ones.