Oakton, Virginia Estate Planning Lawyers

Comprehensive estate planning in Oakton, Virginia, does not have to be difficult. In addition, you don’t want to leave your affairs intestate. When you turn to the attorneys at HALE BALL MURPHY, PLC Carlson Baumgartner Murphy, PLC for help, you are gaining a team with extensive experience handling all aspects of estate law, including estate debt settlement. Our Oakton estate planning lawyers can help you draft your first will and testament or update an existing one, guide you through intergenerational estate planning and asset preservation, and give you peace of mind knowing that your family is being cared for. Our attorneys can also assist clients in other areas of northern Virginia, including Fairfax and Annandale, and are equipped to handle any type of estate or trust (including non-traditional trusts like resulting and constructive trusts, and even pet trusts). Whether you need to create an estate or make sure an estate is completed and closed, we are here for you.

Comprehensive Estate Planning In Oakton

The calm streets of Oakton, VA are lined with beautiful homes. Oakton is a family area, and we understand how important it is for you to protect your family. This protection includes properly planning for your future and theirs with a well thought out estate plan.

When you work with HALE BALL MURPHY, PLC, you can be sure that your family and individual estate planning needs are customized to meet your particular situation and needs. We handle all of the following, and more, for our clients.

• Wills – A last will and testament is a document that everybody needs to have in place, regardless of how old they are. A will is a written set of instructions designed to reflect your last wishes to ensure that your property is distributed to the people you wish to have it. A last will and testament can also specify who will retain guardianship of any minor children you have. Wills need to be updated regularly to reflect any life changes, including marriage, family deaths, and major changes in assets.
• Trusts – There are various types of trusts that we can help individuals and families with in Oakton, Virginia. A living trust is established during a person’s lifetime and allows them to manage their assets while they are still alive. Upon passing, the assets in a trust can avoid the probate process and will be placed into the hands of a new trustee. Trusts can also be established for other reasons, including to manage the assets of minor children, those who have trouble with money, and those who have special needs.
• Powers of Attorney – There are various types of powers of attorney (POA), and these are typically established to allow one person to gain complete or partial control over important decisions of another person’s life. Often, this revolves around financial or medical decisions. POAs are typically revoked when a person becomes disabled. However, a durable power of attorney can be created to remain in effect if a person is unable to make decisions on their own. Additionally, a springing power of attorney can be established to take effect under certain circumstances, including if a person becomes incapacitated.
• Estate Tax Planning – Oakton, VA Estate tax planning is crucial. Regardless of how big or small your estate is in Virginia, it is always beneficial to discuss your tax options with a qualified probate lawyer. At HALE BALL MURPHY, PLC, we have extensive experience handling all types of estate planning matters, and we want to ensure that you properly plan for taxes.
• Trust Administration – If you have been tasked with operating a trust in Oakton, VA, then you need to ensure that the administration is done properly. A trustee is responsible for managing the assets in a trust and ensuring that they are distributed per the requirements of the trust. The Oakton, VA estate planning lawyers at HALE BALL MURPHY, PLC can help ensure that you accurately perform your trustee duties.
• Estate Planning for Second Marriages – There are various reasons why a person may need assistance with their estate after getting remarried. Whether you are getting remarried after a divorce or after the passing of a spouse, it is crucial that you adjust your estate plan accordingly. This could include arranging for prenuptial agreements as well as including your current spouse and/or stepchildren in the estate plan.
• Pet Trusts – We cannot forget our loyal companions when it comes to making an estate plan. At HALE BALL MURPHY, PLC, our qualified team can help you establish a pet trust to ensure that your beloved pet is taken care of if you become disabled or pass away. We will make sure that your estate plan leaves money behind and instructions for the proper care of your pet.

Why is it advisable to avoid probate court in Virginia?

Probate court can be a difficult and lengthy process for family members to go through after a person passes away. Avoiding probate court, and knowing that your family will not have to go through probate court, can bring incredible peace of mind for everybody involved. Various assets can be passed outside of the probate court process, thereby avoiding some of the taxes and costs that are normally associated with this scenario.

For example, establishing a living trust that is then passed to a trustee after passing can help avoid probate. Additionally, a person can add family members to their bank accounts so that they pass over to them automatically after your death. Similar steps can be taken with retirement accounts, real estate property, and other important assets.

Taxes on your Oakton estate

The good news is that there are no estate taxes in Oakton, Virginia from the Commonwealth. However, family members will have to deal with the federal estate tax. Currently, the federal estate tax is 40%. This may seem like an alarming number, but there is currently an $11.58 million exemption per person for federal estate taxes ($23.16 million for a married couple). This means that an estate will only be taxed at the 40% rate for any amount in excess of the exemption. The federal estate tax exemption is set to revert back to its 2017 level in 2026, which was $5.49 million per person. Congress may or may not choose to extend the current exemptions at that time.

Speak to an Oakton estate planning lawyer today

If you or somebody you love is working on any aspect of an estate plan, you should contact a skilled attorney to help you through this. At HALE BALL MURPHY, PLC, our Oakton, Virginia estate planning lawyers have been helping area residents for years, and we are ready to review your case today. Regardless of the scope of your estate planning needs, our team wants to get to work on your behalf today.

Oakton is a short drive to our office in Fairfax (around three miles). Depending on where you are starting your drive from Oakton, you’ll most likely want to head towards our offices by hopping onto Chain Bridge Road towards the Fairfax County Judicial Center. Take Chain Bridge over Interstate 66 all the way into Fairfax. After you pass Main Street, you will see the Fairfax County Courthouse on your right. Keep going until you see Judicial Drive on your right. Turn there, and you will see our offices on the left.

When you need an Oakton estate planning lawyer, you can contact us for a free review of your estate planning matter by clicking her or calling 703.591.4900.