At Victorium Legal, our team of attorneys specializing in Wealth, Trust & Estate Planning offers high-caliber and proactive services in drafting an estate plan catering to your needs. Our clientele consists of high net-worth individuals and families, senior executives of public companies, community foundations, family offices, and closely-held businesses. We consistently implement innovative and state-of-the-art solutions for business succession, tax planning, estate planning, charitable planning, and asset protection planning, providing substantial value to our diverse client base. Geographically, we represent clients in numerous jurisdictions across the country.
Building enduring relationships, our attorneys cultivate decades-long connections with clients who rely on us to manage their legal needs. We seamlessly integrate our services across various disciplines, including litigation, finance, corporate, securities, environmental, real estate, and governmental matters. Additionally, we collaborate effectively with the client's other advisors, such as legal counsel, accountants, and investment and insurance advisors, fostering a comprehensive approach to addressing their unique requirements.
Our services include:
- Wills
- Revocable or “living” trusts, typically in conjunction with “pour-over” wills
- Financial powers of attorney, health care powers of attorney, living wills and HIPAA authorizations
- Irrevocable trusts
- Probate of wills
- Administration of trusts and testate and intestate estates
- Distribution of assets to trust and estate beneficiaries
- Disclaimers
- Durable and General Power of Attorney
- Post-death tax and business planning
- Strategic Tax-Efficient Structures and Legal Compliance
- Charitable and Foundation Planning
- Comprehensive Asset Protection
At Victorium Legal, we specialize in the intricate realm of Trust and Probate Administration, offering a comprehensive suite of legal services tailored to navigate the complexities inherent in trust and probate estates. Our approach seamlessly blends empathy with profound legal expertise to ensure a streamlined and cost-effective administration process. Our services encompass a broad spectrum of activities, including advising personal representatives, orchestrating estate distribution, and addressing the nuanced considerations of both federal and state estate tax implications.
Victorium Legal's attorneys bring a wealth of experience to the resolution of complex disputes in trust and estate administration. We proficiently address a variety of issues, including breaches of fiduciary duty, undue influence, questions of testamentary capacity, and instances of fraud. As recognized authorities in interpreting the terms of trusts and wills, we guide our clients through the intricacies of the probate court system with personalized and comprehensive representation. Our firm firm stands out in skillfully managing a spectrum of disputes, including but not limited to:
- Breaches of Fiduciary Duty: Resolving cases where fiduciaries fail to fulfill their obligations.
- Undue Influence: Addressing disputes involving undue pressure affecting decision-making.
- Testamentary Capacity Disputes: Navigating conflicts related to the mental capacity of individuals when executing testamentary documents.
- Fraudulent Estate Activities: Tackling cases involving deceitful practices in estate management.
Estate Administration:
Estate administration is a crucial process that estates undergo to facilitate the distribution of the decedent's assets according to their will or, in the absence of a will, in accordance with the laws of intestate succession. The pivotal figure in estate administration is the executor or administrator, officially appointed by the court to oversee the estate's affairs. This involves tasks such as creating an inventory of assets, securing and preserving the decedent's property, addressing outstanding obligations to creditors, preparing periodic accountings for beneficiaries, keeping beneficiaries informed, and, if necessary, litigating on behalf of the estate.
Trust Administration:
Trust administration is the procedural pathway trusts follow before distributing assets to beneficiaries. At the forefront of trust administration is the successor trustee, stepping into the role upon the death or incapacitation of the settlor, typically the initial trustee. Executors and trustees share common administrative responsibilities, including creating asset inventories, securing and preserving property, settling outstanding debts, providing periodic accountings to beneficiaries, maintaining communication with beneficiaries, and, if required, engaging in litigation on behalf of the estate or trust.
Fiduciary Responsibilities:
Both executors and trustees are fiduciaries, obligated to act in the best interests of beneficiaries. Failure to do so may result in legal action. To navigate these responsibilities effectively, having skilled estate and trust administration attorneys on your team is essential. Executors and trustees generally have the right to use estate or trust funds to pay for professional services, including attorneys, as long as these services benefit the estate or trust. This ensures a comprehensive approach to fulfilling fiduciary duties while avoiding potential legal challenges.
Having an estate plan is crucial for several reasons, encompassing both personal and financial considerations. Here are some key reasons why individuals should have an estate plan:
Asset Distribution According to Your Wishes:
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An estate plan allows you to specify how you want your assets to be distributed among your heirs or beneficiaries after your passing. This helps avoid potential conflicts and ensures that your assets go to the intended individuals or organizations.
Guardianship for Minor Children:
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For parents with minor children, an estate plan enables you to designate a legal guardian who will take responsibility for your children in the event of your untimely death. This ensures that your children are cared for by someone you trust and who shares your values.
Avoiding Probate and Streamlining the Process:
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Proper estate planning can help minimize the time and expenses associated with the probate process. This is particularly important for preserving the value of the estate and facilitating a smoother transfer of assets to beneficiaries.
Minimizing Estate Taxes:
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Estate planning strategies can be employed to minimize the impact of estate taxes on your assets. This involves structuring your estate in a way that maximizes tax efficiency and preserves more of your wealth for your beneficiaries.
Planning for Incapacity:
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An estate plan includes documents like a durable power of attorney and healthcare directives, which appoint someone to manage your financial affairs and make healthcare decisions on your behalf in case you become incapacitated.
Maintaining Privacy:
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Probate proceedings are a matter of public record, but with proper estate planning, you can keep your financial affairs private. Living trusts, for example, allow for the transfer of assets outside of probate, maintaining confidentiality.
Business Succession Planning:
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If you own a business, an estate plan can include provisions for a smooth transition of ownership in the event of your death. This ensures the continuity of the business and protects the interests of partners, employees, and stakeholders.
Charitable Giving:
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Individuals with philanthropic goals can use an estate plan to outline specific charitable contributions, ensuring that their legacy includes support for the causes and organizations they care about.
Peace of Mind:
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Having an estate plan provides peace of mind, knowing that your affairs are in order and that your loved ones will be taken care of according to your wishes. It alleviates the burden on family members during an already challenging time.
