Estate planning and Probate

CHARLOTTESVILLE, VA ESTATE PLANNING & PROBATE ATTORNEY

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Serving clients in Charlottesville, Stanardsville, Louisa & Lovingston

Estate Planning & Probate Law

The term probate in Virginia refers to the legal process that occurs after a person dies, regardless of whether they died with a valid will or without one. While property is distributed according to a will when a decedent dies with a valid will, state probate laws will dictate how assets are distributed if a person dies without one.


Not every estate necessarily has to be subject to the probate process. Probate will not be necessary, for example, when an estate is worth less than $50,000.


Even when an estate exceeds this $50,000 amount, the estate may still be able to bypass probate when:



  • Assets were held in a living trust
  • There were joint tenancies with a right of survivorship
  • There were beneficiary designations 
  • Cases involve payable on death accounts 


A court will typically appoint a personal representative for the estate, and the personal representative is obliged to pay all taxes and creditors of the estate. The personal representative will be responsible for distributing the remaining assets after all of these debts have been paid.

Lewis Combs can assist you with such estate planning concerns as:

  • Wills — Wills in Virginia are signed writings in which people direct what is to be done with their property after death, and the signing of a will needs to be witnessed by two competent persons who are required to sign the will in front of the testator. 
  • Trusts — Trusts in Virginia include revocable living trusts, irrevocable trusts, testamentary trusts, pet trusts, and charitable trusts, and trustees are then tasked with the administration of trusts and carrying out trust terms.
  • Power of Attorney — A power of attorney allows a person to choose another individual to represent their best interests and make decisions on their behalf related to financial and medical matters as well as any legal action.
  • Medical Directives — You will want to prepare now if you have specific desires regarding how you should be cared for should you become incapacitated.
  • Business Succession Planning — Set up a plan to ensure that your business can continue operations even if you happen to die or become disabled.
  • Charitable Planning — Donations to charity can be extremely beneficial because they may allow an estate tax deduction, among other possible benefits.
  • Family Limited Partnership (LP) or Limited Liability Company (LLC) — An LP or LLC is an asset protection vehicle that allows a person to gift units to children while allowing for management and control of the LP or LLC.
  • Lifetime or Inter Vivos Gifting — Making financial gifts under the annual gift tax exclusion or lifetime gift tax exemption over the span of a person’s lifetime may help reduce estate taxes.

CONTACT

Lewis Combs knows how complicated probate and estate planning issues can be for most people, which is why he works tirelessly to help individuals get the help they need. You can have our lawyer review your case and help you understand all of your legal options when you call (434) 329-7308 or contact us online to take advantage of a free, no-obligation consultation.

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