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Trusts In Estate Planning And Administration

You want to ensure all the assets you worked so hard to obtain go to the people or causes that are important to you after your death. Our experienced attorneys will secure your estate by determining your needs and setting up a will and a trust to safeguard your assets.

Ferris and Eakins’ attorneys have more than 30 years’ experience in estate planning for clients throughout Roanoke and the Roanoke Valley. We don’t take a cookie-cutter approach to your individual situation but will tailor a plan for your unique goals and needs.

Why Do I Need A Trust?

If all you have is a will, your beneficiaries will suffer a potentially lengthy and expensive probate process to receive the assets you want them to have. A properly written trust streamlines the process – and since it is not a public court record, it keeps your financial affairs private.

A trust can also shield your assets from creditors and lawsuits,  and minimize estate taxes.

What Is The Difference Between A Trust And A Will?

A trust is a legal arrangement where a trustee holds assets on behalf of beneficiaries. The trustee is responsible for managing and distributing the assets according to the trust’s terms.

A will, also known as a last will and testament, is a legal document specifying how a person’s assets should be distributed after their death.

Both trusts and wills facilitate the distribution of assets to beneficiaries, can designate individuals to manage the estate and can assign guardians for minor children. However, trusts can be revocable or irrevocable, while wills are revocable until death.

What Type of Trust is Best For Me?

There are two types of trust with their own benefits and drawbacks.

  • Revocable trusts: Also known as a living trust, it allows the trustor (person who established the trust) to make changes or revoke the trust during their lifetime.
  • Irrevocable trust: You cannot alter or terminate this trust without the beneficiaries’ consent.

Our trusts attorney can help you decide after thoroughly evaluating your needs.

How Does Setting Up a Trust Affect my Taxes and the Taxes of my Beneficiaries?

Trust taxation is complex; Our attorneys will explain the alternatives and potential tax implications for gift taxes, estate taxes and income tax.

Who Should I Choose as my Trustee?

Your trustee should be a responsible, impartial individual with minimal conflicts of interest who will be fair with all beneficiaries. Our attorneys will help you decide whether to choose an individual such as a relative or friend, or a professional such as a bank or trust company to be your trustee.

Explore Your Options Today

Call our experienced legal team today at 540-345-1000. We will answer all your questions and begin the process that will give you peace of mind that your assets will be safeguarded.