Virginia Trust Lawyer and Administration Attorneys

Although a will is an essential part of an estate plan, its uses are limited. Under certain circumstances, trusts are more useful tools for accomplishing your financial goals. Also, unlike a will, they can serve you while you are still alive. At Melnick & Melnick, PLC, we establish, interpret, and administer all kinds of trusts for our clients. Contact Melnick & Melnick, PLC to learn how trusts can make your assets work for you.

In addition to the creation of trusts for clients, the attorneys of Melnick & Melnick, PLC can serve as trustees, administrators, and counsel for client trusts. We can work as sole trustees, as co-trustees with our clients, or with other entities. We manage all aspects of the trust, including:

• Buying and selling trust property
• Portfolio and investment selection
• Distribution of beneficiary funds
• Payment of creditors

What is a Trust?

There are many different types of trusts, but they all have a few things in common. Essentially, a trust is created when one person gives assets to a third-party to hold for the benefit of someone else. The person putting money into the trust, often called the "settlor", transfers assets including cash, investments, and real estate into the hands of a trustee who administers the trust. The trustee administers the trust for the benefit of the beneficiary. The beneficiary is the person who receives the benefits of the trust. Sometimes, the trustee or beneficiary can even be the original settlor.

A trust does not only have to benefit your relatives after you are gone. You can use it to build funds for college or for your retirement or long-term care. It can also take care of you if you become incapacitated.

What are some types of trusts?

The types of trusts that we handle include:

• Revocable trusts
• Irrevocable trusts
• Living trusts
• Testamentary trusts
• Charitable trusts
• Special needs trusts

What are some advantages of a trust?

As an instrument, trusts are especially useful and flexible to manage larger estates and assets. You can establish a trust with a will, but you can just as easily establish a trust while you are still alive. A trust has some advantages over a will. Since it does not go through probate court, it is not a matter of public record. It is a valuable tool in asset management while you are still alive. In addition, using a trust as a way to avoid probate could save your estate money in administration costs. It can also be used for estate tax planning. A judicious use of trusts can save considerable amounts on money in estate taxes. If you or your spouse has children from a previous marriage, a trust enables you to pass assets to your spouse for a limited time before going to the children. If you own real property out of state, you can avoid probate procedures in that state by deeding the property to your trust.

Contact a Falls Church, Virginia, trust administration attorney for an initial consultation.