Revocable Trusts – Do we need one?

When someone passes away, their family often faces two challenges at the same time. They are grieving, and they are also responsible for settling the estate. That responsibility is not always simple. A probate attorney helps families navigate the legal process that follows a death and gives structure to a time that can feel overwhelming. Probate involves validating the will, identifying property, paying debts, and distributing what remains to the correct beneficiaries. In Virginia, the process follows strict rules, and a single missed step can delay the entire estate. A probate attorney guides families through each stage so the estate stays on track and complies with state law. You can learn more about how probate works by visiting the firm’s page on the probate process. more What Does a Probate Attorney Do? A Virginia probate attorney can assist with tasks such as: Preparing and filing necessary documents with the court Helping the personal representative understand their responsibilities Identifying and valuing estate assets Notifying creditors and managing lawful claims Ensuring the final distribution follows the terms of the will or Virginia law Addressing disputes or questions that arise during the administration of the estate Families often hire a probate attorney because they want the estate handled correctly and without unnecessary stress. The attorney becomes a resource for the personal representative and helps prevent mistakes that could create delays or conflicts. Why Probate Guidance Matters Many people believe probate is simply paperwork, but it often involves more than expected. There may be real estate to transfer, financial accounts to close, business interests to evaluate, or tax issues to resolve. When several family members are involved, emotions can run high and misunderstandings can occur. Having a probate attorney provides clarity and direction during a difficult moment. When Should You Contact a Probate Attorney? It is helpful to reach out for legal guidance as soon as you learn you will be responsible for settling an estate. Early support can prevent errors and reduce complications. Even if the will seems straightforward, it is wise to have a professional review the situation and outline the necessary steps. Schedule a Consultation If you are handling a loved one’s estate or have questions about the probate process in Virginia, the Manassas Law Group is ready to help. You can schedule a consultation here: Schedule a Consultation.

What is Conservatorship? The term Conservator refers to a person appointed by the court who is responsible for managing the financial affairs of an incapacitated person. A conservatorship may be a total conservatorship, a limited conservatorship (when financial assistance is needed only for specific matters), or a temporary conservatorship. The Court in the jurisdiction where the incapacitated person lives considers the Petition typically filed by the family member or friend of the incapacitated person. Virginia law requires that a medical or psychiatric expert have examined the person thought to be incapacitated and have stated in a written report to the Court that the subject is, in fact, incapacitated. What Does it Mean to Be Incapacitated? To be found incapacitated, the person must be incapable of receiving and evaluating information effectively to such an extent that he or she lacks the capacity to manage his or her property or financial affairs. Persons who routinely use poor judgment in making financial decisions are not considered incapacitated. What is Guardianship? The term Guardian refers to a person appointed by the Court who is responsible for managing the everyday life of person who is not capable of responding to people, events, or his or her environment and cannot meet the essential requirements for his or her health, care, or safety, The Guardian appointed by the Court is responsible for the personal affairs of an incapacitated person, including responsibility for making decisions regarding the person’s support, care, health, safety, habilitation, education and residence. How To Be Appointed As a Guardian or Conservator The court has great flexibility in determining what type of guardian and/or conservator to appoint. A guardian and/or conservator can be totally in charge of a person’s affairs, or the authority of the guardian and/or conservator can be limited to making specific decisions. Guardians and conservators may in some instances serve for an extended period. During that time, annual reporting to the Commissioner of Accounts or Court is required. Richard Boatwright of the Manassas Law Group can assist you and your family with issues related to potential Virginia Conservatorship and Guardianship proceedings.

IRAs and 401k retirement assets can pose some challenges in estates due to the tax-related rules that apply to these types of assets. In this post, our Manassas estate planning attorneys at Manassas Law Group briefly explain IRAs and 401ks in estates. IRAs vs. 401ks IRAs and 401k have similar rules with respect to the determination of who receives them when the account holder dies. The first question concerns whether the account holder listed a beneficiary to receive the account. If a beneficiary is named and survives the account holder, then the account passes to the named beneficiary and is not controlled by the Will. The beneficiary can delay taking the distribution from the account for up to 10 years unless the beneficiary is the surviving spouse or minor child in which case the withdrawals of money can be stretched out for much longer. If no beneficiary is listed by the account holder, the account passes to the heirs of the account holder and the distributions must be taken out within 5 years. The distributions taken by the named beneficiary(ies) or heir in the case of no named beneficiaries are taxable upon withdrawal as ordinary income.  However, if the IRA is Roth IRA, the named beneficiary will not pay tax on his/her withdrawals from the IRA account. If the IRA or 401k account holder prior to passing had reached the age where required minimum distributions must be taken from the account, then the RMDs must continue to be taken up until the account is liquidated pursuant to the applicable 10-year or 5-year payout. Call the Manassas Estate Planning Attorneys at MLG Today To learn more about IRAs and 401ks in regard to estate planning, give our experienced estate planning attorneys a call at (703) 361-8246 or reach out to us online today.