Wills, Trusts, and Estate Planning
Wills, Trusts and Estate Planning
It's never too early to begin thinking about your legacy or shape your estate plan. A common misconception is that you need to be wealthy to have an estate plan. The estate planners at Ayers & Stolte will show you why it is essential to plan for the future, no matter how large or small your estate.
Our attorneys customize estate plans to minimize taxes, maximize wealth transfers, and ensure that the final distribution of your assets follows your wishes. We understand the importance of family and your desire to protect them after you are gone.
At Ayers & Stolte, our goal is to protect you – your personal and business assets in the event of your death or incapacity. Proper estate planning can protect your estate from federal and state death taxes. It can also protect your beneficiaries from themselves (i.e., spendthrifts) and their creditors (voluntary or involuntary). It can even provide a means for incentivizing future conduct that you wish to promote or encourage.
Richmond Estate Planning
We help individuals and families:
- Draft complex and simple wills
- Design testamentary trusts (contained in your Will), including bypass and marital trusts
- Draw up intervivos trusts (i.e., established while you are alive), revocable and irrevocable
- Establish life insurance trusts (commonly referred to as an "ILIT")
- Set up generation-skipping trusts, children's trusts, and educational trusts
- Protect family limited partnerships and family limited liability companies
- Establish estate planning for owners of closely-held businesses and professionals as well as business succession planning
- Help you protect your assets and your privacy; avoid probate
- Assist with business planning, including tying your business succession plans into your overall estate plan
- Additionally, our Richmond estate planning lawyers are always prepared for the possibility of your subsequent incapacity. Trusts, Durable Powers of Attorney, and Healthcare Powers of Attorney (sometimes referred to as Advanced Medical Directives) protect you against subsequent inability and can help avoid the potential conflict and time, expense, and delay associated with filing for the appointment of a conservator or guardian.
Expert Estate Planning Lawyers
It's important to regularly review your Will and other estate planning documents. An estate planner from Ayers & Stolte can offer advice designed to help you reflect on the things that are important to you.
An estate plan is more than just a will. On the financial side, a good estate plan coordinates what would happen with your home, your investments, business, life insurance, employee benefits (such as a 401K plan), and other property if you become disabled or die. If you don't have a will, the state of Virginia will control who gets your property by default.
If you need a Richmond law firm specializing in estate planning, call the lawyers at Ayers & Stolte. We can establish Wills and trusts, living wills, Medical Directives, and Powers of Attorney designed to protect you.
Probate Law
Managing a probate estate with numerous assets and beneficiaries can be overwhelming. Relying on an experienced probate attorney who can provide legal assistance is always highly advisable.
When you act as a personal representative, you have a duty to administer the probate estate in a timely and accurate matter. Under certain circumstances, you can even be financially penalized for missteps. Beneficiaries can be very demanding, and tensions often run high.
As a personal representative, you will be required to oversee and manage the entire probate process. This means:
- Marshaling all the probate assets
- Having the probate assets appraised
- Seeking prior Court approval for specific actions
- Formally notifying creditors of the probate administration
- Filing the decedent's final income tax returns
- Filing estate tax returns
- Preparing a formal accounting of the probate estate's assets and expenses
Ayers & Stolte P.C. has over 30 years of experience with the Virginia probate courts. We can expertly guide you through the probate process. While we’re based in Richmond, we are qualified to provide legal assistance throughout Virginia.
Can’t find what you’re looking for? Simply call our legal staff at (804) 358-4731.