Best Probate Attorneys in Washington, DC

Every competent adjust needs at least a standard estate plan. Further, estate planning is imminent when you plan to have or experience a major life event or change in your circumstances: purchase of a home, marriage, children, start, grow, experience or anticipate health issues or treatment, expect or receive an inheritance, purchase or sell significant assets, make or plan to make substantial investments, have a change in your income or financial position, relocate, or change your business structure or your interest.

The Power of Attorney names a trusted agent (person(s) or entity(ies)) to manage your financial affairs (pay your bills, access your bank accounts, transfer assets, including real estate, employ asset protection strategies, etc.) in case you are incapacitated or disabled. This document often saves the cost of expensive guardianship proceedings and prevents not having access to healthcare, foreclosure on homes, etc. because the appointed agent can take your place to access your accounts and pay the bills.

The Living Will (or Revocable Living Trust) offers more control to the testator. It simplifies creating and holding assets, even non-probate assets in trust for staggered distribution to beneficiaries post-mortem, and limits or eliminates the need for probate. Estate administration through the court usually results in significantly greater costs, governance, and administration duties than if most or all assets are transferred to a trust. During your life, the trust and you are the same. Therefore there are no restrictions on transfer of assets to and from the trust during your life.

If your net worth (including the full value of any life insurance or retirement accounts) exceeds the federal tax exclusion amount (See Table here), the portion of your estate exceeding the exclusion amount would likely be subject to up to 40% in federal estate taxes. In the few states that still impose a state level estate tax (usually maxing at about 15%), your estate would also be subject to state taxes. Some states also impose an inheritance tax on the transfer of assets to beneficiaries. In addition, if you have foreign or international assets, those assets may be subject to taxes on transfers (by gift, by inheritance, or sale) in the foreign jurisdiction (and may also be subject to tax in the United States).