In Virginia, you can grant someone else the authority to act on your behalf through a power of attorney. To keep everyone honest, Virginia law requires a full account of any action taken within 30 days of the request as a form of accountability. Understanding the...
As your parents grow older, it becomes increasingly important to have conversations about estate planning. This involves decisions about how those in charge need to distribute their assets and belongings after they die. While these conversations might feel...
When it comes to estate planning, trusts play a pivotal role in managing assets and ensuring financial security for loved ones. While both serve important roles, the differences between revocable and irrevocable trusts deliver different planning results. 1. Control...
A will is a vital document that dictates how to distribute a person's possessions and property after their death. It gives instructions to loved ones and ensures they follow the person's wishes. Though many people consider a will as a single, uniform document,...
When you hear the words "estate planning," you might immediately think of older adults preparing for the later stages of life. However, estate planning is not just for older people or the wealthy. Young people, even those just starting their careers or families, can...
Making plans to transition your business to a new owner or manager means preparing for different eventualities. Even if you have someone in mind to take over for you, your business succession plan could still fail without a comprehensive strategy. According to The...
When dealing with your executor, you may have an idea in mind for the technical skills you want them to have. Part of these skills should include how they handle unexpected problems with other people and the courts. Learning more about why the person you choose for...
When you think about the future, considering your own mortality might be uncomfortable. However, estate planning is essential for ensuring the distribution of your assets according to your wishes upon your death. In Virginia, there are many misconceptions about estate...
When it comes to estate planning, it can be tricky enough dealing with personal assets. But what if you own a business? How does that fit into your Virginia estate plan? Owning a business adds another layer of complexity to estate planning. However, with the right...
A revocable or “living” trust allows you to make changes to your trust’s documents up until your death. As reported by Entrepreneur.com, a living trust allows you to add or remove your assets and properties whenever you choose. Living trusts commonly hold real estate,...
