Trust and Estate Planning and Administration

Trust and estate planning comprises a significant portion of the legal practice of GANDERSON LAW, P.C.  Employing a personalized approach, GANDERSON LAW, P.C. handles trust and estate planning for an expansive and diverse group of clients with needs ranging from simple asset transfers to complex property distributions.

The primary goal of trust and estate planning is to accomplish each client’s objectives, both personal and financial.  This is accomplished by working closely with clients in order to develop a comprehensive plan that achieves their objectives while also planning for unexpected contingencies and minimizing the impact of taxes and other expenses.  Estate planning involves the selection and implementation of various strategies, with some taking effect during life and some being employed subsequent to death.

Key Instruments in Estate Planning

A key instrument in an estate plan is a Last Will and Testament (the “Will”), which sets forth to whom the ownership of an individual’s property will pass at death.  A Will is also an effective tool to designate preferences for guardianship of minor children.  However, in many instances, it may be advantageous to create an inter vivos revocable trust (or to provide for the formation of a testamentary trust in one’s Will) to achieve one’s ultimate estate objectives.

Another key instrument in an estate plan is an inter vivos revocable trust, which sets forth not only to whom the ownership of an individual’s property (which is transferred into such trust during his or her lifetime) will pass at death, but also how the property will be managed during such individual’s lifetime in the event of his or her incapacity.  The creator of the trust (sometimes referred to as the “grantor”) reserves the right to amend or revoke the trust and recover the trust property, and most often designates himself or herself as the initial trustee and retains the right to use the trust property as if it were still owned by the grantor in his or her individual capacity.  In addition to incapacity considerations, benefits associated with an inter vivos revocable trust include the avoidance of probate (and the delay and expenses associated with probate [such as probate taxes and the filing of an inventory and account(s) for the decedent’s estate]) and privacy considerations (the identity of the beneficiaries, and the value and composition of the assets, remain private [absent litigation or the terms of the trust requiring or permitting identification]).

Importance of Estate Plan

Developing an estate plan is essential for an individual desiring to protect his or her loved ones and to preserve his or her assets for the benefit of future generations.  Well-drafted estate planning documents can safeguard the value of the estate and reduce the delay, burden, and expense often associated with the administration of an estate.

GANDERSON LAW, P.C. prides itself on using an individualized approach, rather than commercial software programs, to draft estate planning documents on behalf of its clients.  Having an estate plan also provides peace of mind since one knows that he or she has addressed important issues and is aware of how his or her affairs will be handled.  GANDERSON LAW, P.C. has the knowledge and the experience to prepare an estate plan capable of accommodating the most complex needs of its clients.

Assisting Fiduciaries: Executors and Trustees

GANDERSON LAW, P.C. also assists executors and trustees in the administration of their fiduciary duties.

For an executor, administration duties may include, but are not limited to:

• Appearance at probate proceedings
• Gathering of assets
• Identification of debts and liabilities
• Compliance with the Will in making investments and distributions to beneficiaries
  
• Preparation of:
  • Inventory
    
  • Accountings
    
  • United States Estate (and Generation-Skipping Transfer) Tax Return
    
  • Decedent’s final Federal and Virginia Individual Income Tax Returns
  • Federal and Virginia Fiduciary Income Tax Returns

For a trustee, administration duties may include, but are not limited to:

• Gathering of assets
• Identification of debts and liabilities
• Preparation of Federal and Virginia Fiduciary Income Tax Returns
• Compliance with the trust instrument in making investments and distributions to beneficiaries