Professional Trust Administration Lawyers in Northern Virginia
When planning their estates, many of our Virginia clients decide to establish trusts for their heirs. Regardless of the type of trust involved, several issues have to be addressed. Will the trust be revocable or irrevocable? Under what conditions will control of the account be turned over to the beneficiary if any? Are there tax advantages to the trust that the client selects? In addition, the lawyer who has helped establish the trust has to determine how it will fit into the overall picture when the estate goes to probate.
Although the concept of a trust is simple—one party gives over control of the money to another for the benefit of a third—it requires an experienced estate planning lawyer to establish, document and administer the trust. The estate attorneys at Hale Ball Carlson Baumgartner Murphy, PLC have been preparing and administering wills and trusts for their clients’ estates for decades, and have helped ensure that clients do not have to leave their affairs intestate. When you meet with one of our estate planners, he or she will go over the advantages and drawbacks associated with establishing different types of trusts. You will also be informed as to how we will administer the trust.
In the Commonwealth of Virginia, attorneys who administer trusts are strictly regulated by the State Bar. The trustee must deposit the funds in a “financial institution approved by the Virginia State Bar.” This can be “regulated state or federal chartered banks, savings institutions, and credit unions that are properly licensed and authorized to do business, have federal insurance on deposits and have entered into and agreed to abide by a Virginia State Bar Approved Financial Institution Agreement. The trustees must observe further requirements that depend on whether or not the account bears interest.” – Virginia State Bar
Speak With a Trust Administration Lawyer
Benefactors establish a trust because they want to know that after they die their loved ones will be cared for. Naturally, there is a great deal of trepidation that something could go wrong after they are no longer able to do anything about it. That’s why you need a Virginia estate planner who has a track record dealing with clients both living and deceased. When you plan your estate and trust through a Hale Ball Carlson Baumgartner Murphy, PLC attorney, you’ll have the confidence in knowing that your beneficiaries will be taken care of the way that you intended. We can also handle many types of trusts, including pet trusts.
Since 1980 the AV-rated law firm of Hale Ball has served the legal needs of individuals and businesses. Our team of attorneys include lawyers named to Super Lawyer and Rising Star lists, as well as attorneys with advanced legal degrees, specialty certifications and lawyers who teach their areas of practice to other lawyers.
Use the contact form on this page to schedule a consultation, or call 703-591-4900.
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10511 Judicial Dr
Fairfax, VA 22030