Estate and Trust Administration
Virginia Estate & Trust Administration Attorneys
If a loved one named you their executor, personal representative, or trustee, then you’re responsible for administering and protecting their assets following their death. This may require you to interpret wills, trusts, or other documents, as well as make financial or legal decisions on behalf of the estate.
These fiduciary responsibilities can be complex, time-consuming, and expensive. Depending on the situation, you may need familiarity with finance, business, and real estate, as well as the various laws that govern estates, trusts, and probate.
Few people can handle all of this. Thankfully, you’re not expected to go at it alone. Our estate and trust administration attorneys in Virginia can help you fulfill your obligations in accordance with local rules and regulations. Even seasoned representatives frequently rely on experienced lawyers to help them navigate state laws and make difficult decisions.
To schedule a free consultation with the Virginia estate and trust administration lawyers at J.S. Burton, call (888) 885-9001 or send us your availability using our contact form.
Managing Estates & Trusts in Virginia Beach, Williamsburg, & McLean
As a trustee or executor, you have a fiduciary responsibility to act on behalf of the person who entrusted you to manage their assets and carry out their final wishes.
Your duties may include:
- Contacting beneficiaries and creditors
- Executing the estate plan
- Filing documents with the court
- Keeping a record of relevant transactions
- Keeping up with payments and filing tax returns
- Litigating any disputes (if necessary)
- Managing estate and/or trust accounts
- Managing investments
- Requesting appraisals
- Transferring and/or selling property
In addition, executors must also represent the estate in court during probate, which is the legal process that ensures assets are transferred according to the provisions outlined in the decedent’s will. This process can be particularly intimidating, especially if it’s your first time acting in this capacity.
When administering a trust or estate plan, there’s little room for mistakes. Missteps can be costly down the line, either for you or for the beneficiaries. You want to make sure you’re doing whatever you can to get your loved one’s assets where they belong, while also protecting yourself against liabilities.
At J.S. Burton, we know that not everyone has a thorough background in all the topics needed to execute an estate plan, which is why we invite you to speak with our Virginia estate and trust administration lawyers. With offices in Virginia Beach, Williamsburg, and McLean, we’ve helped countless Virginians carry out their fiduciary duties, from interpreting wills and deeds to preparing for probate and resolving litigation. It’s our goal to make the entire process as seamless as possible.
Let us help you protect your loved one’s estate. Get in touch with us by calling (888) 885-9001 or sending us a message with the details of your case.
“Professional, courteous, vast knowledge and explanations were superior!”- Nicole G.
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“John Burton and his team are true professionals.”- Denise W.
“Our work with Attorney John Burton was all we had hoped it could be.”- Jim F.
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Learn About Your Legal Options
What estate planning documents should I have?A comprehensive estate plan should include the following documents, prepared by an attorney based on in-depth counseling which takes into account your particular family and financial situation:
A Living Trust can be used to hold legal title to and provide a mechanism to manage your property. You (and your spouse) are the Trustee(s) and beneficiaries of your trust during your lifetime. You also designate successor Trustees to carry out your instructions in case of death or incapacity. Unlike a will, a trust usually becomes effective immediately after incapacity or death. Your Living Trust is "revocable" which allows you to make changes and even to terminate it. One of the great benefits of a properly funded Living Trust is the fact that it will avoid or minimize the expense, delays, and publicity associated with probate.
If you have a Living Trust-based estate plan, you also need a pour-over will. For those with minor children, the nomination of a guardian must be set forth in a will. The other major function of a pour-over will is that it allows the executor to transfer any assets owned by the decedent into the decedent's trust so that they are distributed according to its terms.
A Will, also referred to as a Last Will and Testament, is primarily designed to transfer your assets according to your wishes. A Will also typically names someone to be your Executor, who is the person you designate to carry out your instructions. If you have minor children, you should also name a Guardian as well as alternate Guardians in case your first choice is unable or unwilling to serve. A Will only becomes effective upon your death, and after it is admitted by a probate court.
A Durable Power of Attorney for Property allows your agent to carry on your financial affairs in the event that you become disabled. Unless you have a properly drafted power of attorney, it may be necessary to apply to a court to have a guardian or conservator appointed to make decisions for you during a period of incapacitation. This guardianship process is time-consuming, expensive, emotionally draining and often costs thousands of dollars.
There are generally two types of durable powers of attorney: a present durable power of attorney in which the power is immediately transferred to your agent (also known as your attorney in fact); and a springing or future durable power of attorney that only comes into effect upon your subsequent disability as determined by your doctor. Anyone can be designated, most commonly your spouse or domestic partner, a trusted family member, or friend. Appointing an agent assures that your wishes are carried out exactly as you want them, allows you to decide who will make decisions for you, and is effective immediately upon subsequent disability.
The law allows you to appoint someone you trust to decide about medical treatment options if you lose the ability to decide for yourself. You can do this by using a Durable Power of Attorney for Health Care or Health Care Proxy where you designate the person or persons to make such decisions on your behalf. You can allow your health care agent to decide about all health care or only about certain treatments. You may also give your agent instructions that he or she has to follow. Your agent can then ensure that health care professionals follow your wishes. Hospitals, doctors and other health care providers must follow your agent's decisions as if they were your own.
A Living Will informs others of your preferred medical treatment should you become permanently unconscious, terminally ill, or otherwise unable to make or communicate decisions regarding treatment. In conjunction with other estate planning tools, it can bring peace of mind and security while avoiding unnecessary expense and delay in the event of future incapacity.
Some medical providers have refused to release information, even to spouses and adult children authorized by durable medical powers of attorney, on the grounds that the 1996 Health Insurance Portability and Accountability Act, or HIPAA, prohibits such releases. In addition to the above documents, you should also sign a HIPAA authorization form that allows the release of medical information to your agents, your successor trustees, your family and other people whom you designate.
How do I name a guardian for my children?If you have children under the age of eighteen, you should designate a person or persons to be appointed guardian(s) over their person and property. Of course, if a surviving parent lives with the minor children (and has custody over them), he or she automatically continues to remain their sole guardian. This is true despite the fact that others may be named as the guardian in your estate planning documents. You should name at least one alternate guardian in case the primary guardian cannot serve or is not appointed by the court.
What does my estate include?
Your estate is simply everything that you own, anywhere in the world, including:
- Your home or any other real estate that you own
- Your business
- Your share of any joint accounts
- The full value of your retirement accounts
- Any life insurance policies that you own
- Any property owned by a trust, over which you have a significant control
Why is it important to establish an estate plan?
Sadly, many individuals don’t engage in formal estate planning because they don’t think that they have “a lot of assets” or mistakenly believe that their assets will be automatically shared among their children upon their passing. If you don’t make proper legal arrangements for the management of your assets and affairs after your passing, the state’s intestacy laws will take over upon your death. This often results in the wrong people getting your assets as well as higher estate taxes.
If you pass away without establishing an estate plan, your estate would undergo probate, a public, court-supervised proceeding. Probate can be expensive and tie up the assets of the deceased for a prolonged period before beneficiaries can receive them. Even worse, your failure to outline your intentions through proper estate planning can tear apart your family as each person maneuvers to be appointed with the authority to manage your affairs. Further, it is not unusual for bitter family feuds to ensue over modest sums of money or a family heirloom.