Leesburg Estate Planning Lawyers

Supportive Attorneys Helping With Wills, Trusts, and Estate Plans in Leesburg, VA

Estate planning is a serious undertaking, and as important as it is to get it done, it is just as important that you do it right. Deciding how you want to divide up your assets and making arrangements for medical care near the end of your life can be overwhelming. A skilled estate planning attorney can provide invaluable help to ensure that you can fully consider the available options and make the best decisions for your family.

The lawyers at Fox & Moghul have a comprehensive understanding of the laws regarding wills, asset protection, powers of attorney, and more. We utilize that breadth of knowledge to provide you with invaluable counsel and help you protect your interests. With a philosophy of repetitive excellence, we are proud to serve clients in Leesburg, VA to make sure all of their estate planning needs are properly addressed.

Drafting a Will

When you start to make arrangements for what will happen after your death, a will may be the first thing on your mind, and for good reason. A will dictates how your assets and property should be distributed, naming specific beneficiaries as the recipients. You can also use your will to appoint a guardian for your children or a caretaker for your pets. A will should name an executor, someone you trust to formally carry out your wishes. An estate planning attorney at Fox & Moghul can review your will, making sure that the terms are legally enforceable and are written out as clearly as possible for your beneficiaries.

If you die without a will, your possessions go through what is known as intestate succession. Your property and assets will be distributed to your close relatives, with priority given to your spouse and children. Determining how assets should be distributed can be difficult in these situations, and you can help your loved ones avoid uncertainty while respecting your wishes by making sure you have a will in place.

Asset Protection

You can use your will to make sure your property will be distributed among beneficiaries. However, during the process of administering your estate (which is known as probate), your assets can be taxed, and creditors may take steps to collect debts. Fortunately, there are measures you can take with the help of an attorney to avoid taxation or claims on your assets after death. Our lawyers can advise you on the options for asset protection, which may include:

• Trusts: A trust allows you to set aside assets that will be transferred to beneficiaries according to terms that you set. One of the biggest advantages of a trust is that it will not go through probate, and certain types of trusts can help you minimize taxes and place assets out of the reach of creditors. There are several kinds of trusts, including revocable trusts that can be altered at will and irrevocable trusts that can provide effective asset protection.
• Family Limited Partnerships (FLPs): These vehicles may be used to distribute assets to beneficiaries by gifting interests and facilitating the transfer of generational wealth.

Powers of Attorney (POA)

Power of attorney refers to the legal authority given to someone else to make decisions on your behalf. This authority can be established through a power of attorney document. Powers of attorney can cover financial decisions as well as healthcare decisions, though the latter may also be addressed through a document known as a healthcare directive.

Unless specifically stated otherwise, POA documents are assumed to be "durable," meaning that anyone endowed with power of attorney can make decisions for you when you are incapacitated. Our lawyers can make sure your power of attorney is legally sound, allowing you to rest easy.

Speak With a Leesburg, Virginia Estate Planning Attorney Today

If you are ready to plan your estate, Fox & Moghul can work with you and make sure your affairs will be managed as smoothly as possible. With over 200 5-star reviews, we have a track record of devoted client service, and we provide superb counsel and representation to residents of Leesburg. To schedule a consultation, contact us at 703-652-5506.