A revocable living trust in Fairfax, Virginia, can help you protect and distribute your assets during your lifetime and after you pass away. It is flexible and can be changed or canceled as long as you remain mentally competent. If you want to learn more about how this estate planning tool works in Virginia, The Law Office of Afsana Chowdhury, PLC can assist you.
Our team has over 11 years of experience. We focus on family law cases, including estate planning matters. We will make sure you receive thorough legal guidance as you plan for the future. Contact our Fairfax revocable living trust lawyers today at (703) 271-6519 to get started.
How The Law Office of Afsana Chowdhury, PLC Can Help With Your Revocable Living Trust in Fairfax, VA
Some people find revocable living trusts confusing. That is where our Fairfax family law attorneys come in. We will work hard to make sure your interests are represented at every stage of the process. If you hire our Virginia divorce and family lawyers, we will:
- Listen to your goals and concerns
- Review your assets, such as real estate and savings
- Advise you on choosing trustees and beneficiaries
- Prepare the legal documents that fit your needs
- Guide you on transferring assets into your trust
Our work focuses on preventing legal disputes and keeping your estate matters organized. We stay up to date on Virginia laws so we can offer clear advice. Let us help you set up or update your revocable living trust with confidence.
What Is a Revocable Living Trust?
A revocable living trust is a legal arrangement you create during your lifetime. You, as the creator (also called the “grantor” or “trustor”), place property or assets into the trust. You can still manage or use these assets as you wish. You can also change or end the trust whenever you want.
When you pass away, anything owned by the trust can be transferred to your chosen beneficiaries without a full probate court process. This can save time and reduce stress for your loved ones. Still, a revocable living trust does not shield assets from all creditors or taxes. You may need other estate planning methods for extra protection.
Who Should Consider a Revocable Living Trust in Fairfax?
Not everyone needs a revocable living trust, but many people find it useful. You might consider one if you:
- Own a home or any significant real estate
- Want to avoid a lengthy probate process
- Prefer to keep your estate matters private
- Plan to name someone to manage your assets if you become incapacitated
- Hold various investments or financial accounts
Sometimes, a simple will is enough. In other cases, you might benefit more from a trust or from a combination of estate planning documents. Our firm can assess your overall situation and recommend a plan that fits your life.
Funding Your Revocable Living Trust
After you sign your trust documents, there is one more step: funding the trust. Funding means transferring ownership of your assets into the trust’s name. This can involve:
- Retitling your home or other real estate
- Updating bank account or investment account ownership
- Designating the trust as the beneficiary of certain policies
- Moving personal property into the trust
If you do not complete this step, your trust may not function as intended. Any assets left out of the trust could still have to go through probate or other legal processes. Our attorney can help you understand how to fund your trust correctly.
Common Questions About Revocable Living Trusts
Many people in Fairfax have similar questions when thinking about a revocable living trust:
- Will I lose control of my assets? You maintain control while you are alive and mentally able. You can make changes, remove assets, or revoke the trust entirely if you wish.
- Does a revocable living trust save on taxes? It does not remove assets from your taxable estate. Other planning tools might help if tax issues are a concern.
- Can a trust help if I become incapacitated? Yes. A successor trustee can manage trust assets on your behalf if you can’t do so yourself.
- Do I still need a will? A simple “pour-over” will is often recommended. It covers any assets you did not transfer into the trust, sending them there upon your death.
If you have any additional questions, contact our office today.
Schedule a Consultation With a Fairfax Revocable Living Trust Attorney
Making a revocable living trust is a smart way to plan ahead. You can keep control of your assets and help your loved ones avoid drawn-out legal steps later on. At The Law Office of Afsana Chowdhury, PLC, we have been handling estate planning for over a decade. We do not go to court, and we do not offer free consultations. However, we are ready to give you clear, personalized advice if you choose to meet with us.
If you are considering a revocable living trust in Fairfax, Virginia, call our office or reach out online. We will schedule a consultation to review your estate planning goals. Then, we will help you create or revise a trust that fits your unique circumstances. Let our Fairfax revocable living trust lawyers put our experience to work for you.
