An excellent wills and trusts attorney practicing in Washington, D.C. and Maryland, Kay Watkins patiently guides her clients through all phases of the estate planning process. Her in-depth counsel ensures that clients make the right choices. Whether you think a will, a revocable, trust, or an irrevocable trust is appropriate for your situation, you can count on D.C. and Maryland wills and trusts attorney Kay Watkins for high-quality legal support.
Wills
Wills leave estate holders and their beneficiaries at greater risk of probate, but there are many redeeming aspects of this type of document that make it worthy of consideration. For example, wills give parents with children under the age of 18 the opportunity to name guardians, who will take over as caretakers should both parents pass away. Wills also allow estate holders to name personal representatives, who can carry out their final wishes.
Trusts
A will is often not sufficient for larger estates with diversified assets. For estate holders with very specific concerns and the desire to avoid probate, a trust is the best option. Trusts are divided into two main categories: revocable and irrevocable. In an irrevocable trust, the assets are moved out of the grantor’s hands. Although this removes some degree of control from the grantor, it reduces the risk of having assets lost to creditors and capital gains taxes. Revocable trusts offer an element of security, as grantors often feel more comfortable knowing that they can change the terms of the trust if necessary.
Choosing Between Wills and Trusts
With so many options, it can be difficult to determine which is best for your estate. Typically, your decision will depend on whether you have children, the current value of your estate, how much control you want over your estate in the future, and whether you anticipate taxes to eat up a significant portion of your assets. The ideal estate planning attorney will give you all of the information you need to make the right choice.
Whether you’ve already decided on your approach to estate planning or require further assistance, you can count on Kay Watkins for exceptional guidance. She will patiently explain the ins and outs of estate planning, taking time to respond to your concerns. Reach out today to learn more about wills and trusts in Washington, D.C. and Maryland.