Estates, Wills & Trust Attorneys Maryland, Virginia, Washington DC
Each wills attorney at Longman & Van Grack works with each of our clients to ensure that all of their desires are met and all of their estate planning needs are taken care of. Each Maryland, Virginia, and Washington DC estate planning lawyer at our firm has a background in both estate planning law as well as tax law to ensure that each of our clients’ wills attorney and estate planning needs are addressed.
Without a last will and testament in Maryland, Washington DC, and Virginia, a person’s estate (a person’s assets that do not pass automatically to another, such as certain bank accounts, vehicles, boats, personal property, and single owner real property) will end up passing through intestate succession. In Maryland, Virginia, and Washington DC, when a person creates a will, that person has the opportunity to designate to whom they want their assets to be given to. The wills attorney and estate planning attorneys at Longman & Van Grack assist each of our clients in making those decisions through a last will and testament. Our clients can make specific bequest to leave certain property to specific individuals. Our clients can also designate general amounts of money to groups of people. Through a will, our estate planning attorneys ensure that our clients’ intent for their assets is complied with and that they protect those they wish to protect by providing for the after their passing.
Most people know about wills and their basic purpose to ensure that one’s hard earned assets go to the right beneficiaries when an individual passes away. However, in Maryland, Virginia, and Washington DC, wills can be used for more than simply dictating who gets a persons antique lamp collection.
Here’s a list of some of the very valuable things a will can do:
- List who gets what. The most common purpose for a will is to name which individual, or group of individuals, will receive particular property belonging to a person when he or she passes away.
- Name guardians for children. Typically, a will is the document that states who should raise a persons children if something happens to the parent. The will also usually contains at least one alternate in the event the first choice cannot serve.
- Establish trusts. In many cases, a person may not want a child or loved one to receive all of the property that they are inheriting at once. Or a person may want the beneficiary to be able to use the property for a while, and then for it to pass on to someone else. In that situation, an individual may choose to use a trust. A trust holds property on someone elses behalf. In wills, trusts are commonly established for minor children, so that someone else can manage the childrens money until they reach a certain age when their parents believe they will be able to manage it. Trusts are also commonly used in second marriage situations a person may want to allow a spouse to have access to certain property while the spouse is living, but for that property to ultimately pass to the decedents children. Trusts can help accomplish that goal.
- List funeral wishes. Although this is also done in other documents too, a will commonly states whether an individual wants to be buried or cremated, and where the body should be buried or the ashes should be spread. Sometimes, wills contain other information about funeral wishes too like where it should take place and even what readings might be recited.
- Tax planning. Wills can be great tools for tax planning in order to avoid federal or state estate or inheritance taxes. This can sometimes be accomplished by setting up various trusts.
- Naming executors and trustees. A will usually states who will be the executor of an estate, which is the person who will carry out a deceased individuals wishes listed in the will. Wills can also name the trustee of any trusts established in a will, which is the person who will be in charge of carrying out the instructions of the trusts.
While wills can serve as powerful estate planning tools, they are only effective if they are properly drafted to suit the needs of each individual. The estate planning attorneys at Longman & Van Grack can review all your options with you and establish a will in a manner that ensures your wishes will be honored.
An experienced wills and estate planning lawyer can advise you on all aspects of estate planning, such as drafting a last will and testament, drafting trusts, explaining how to structure the estate to minimize the impact of estate taxes and deciding whom to chose as your estate’s personal representative. The Maryland, Virginia, and Washington DC estate planning attorneys at Longman & Van Grack have decades of experience dealing with these difficult, important, and personal estate planning decisions. If you would like to discuss the best ways to structure your estate, will, or trust for the benefit of your spouse, family, or future generations, contact us at (301) 291-5027 for a consultation in our offices in Maryland (Bethesda & Rockville), Northern Virginia, and Washington DC.
