Estate planning is not about determining wealth. It is a way to ensure the fulfillment of your wishes after your death. Young couples, especially those with minor children, should have a plan to protect their children. What will happen to your assets? Without a proper...
Year: 2022
What does a special needs trustee do?
If you have a child who has a disability or other special needs, you may have some well-founded fears about his or her ability to work as an adult. Luckily, if your child cannot work, he or she may be eligible for certain public benefits, such as Supplemental Security...
3 things your future executor should know
When you name someone executor over your Virginia estate, you place a large amount of trust in this individual to make sure that your wishes come to fruition. For this reason, you want to appoint an executor who you feel is responsible, conscientious and attentive....
What is the Uniform Power of Attorney Act?
Planning for your death is important, but it is equally important to plan what should happen if you are still living but unable to make critical decisions for yourself. A key step in this process is assigning power of attorney to an agent you trust to make decisions...
3 elements to include in a simple estate plan
Having a Virginia estate plan in place helps ensure that you maintain a certain degree of control over your personal, financial and medical affairs. If you have put off estate planning because you were fearful of the time or monetary commitment involved, rest assured...
How soon is too soon to write a will?
A will is a legal document that provides instructions on what to do after your death. More specifically, wills deal with things like the distribution of assets and who to have custody of your children. This document makes it easier on grieving family members, as it...
Fortify your succession plan with timely updates
In an unexpected situation where an immediate need arises for new leadership, your succession plan can eliminate a lot of confusion and uncertainty. You can provide detailed instructions for people involved in the operations of your business. Following the guidelines,...
3 ways to minimize the impact of probate on your estate
As in other states, in Virginia, your estate may have to pass through probate before distributing to your heirs and beneficiaries. This is the process the government uses to confirm that your will is valid and ensure the transfer of your assets according to your...
What can a trust accomplish that a will cannot?
While a will is a part of most Virginia estate plans, far fewer state residents have trusts. However, trusts offer many different benefits, depending on the type of trust you establish. There are also many things a will does not do that a trust might be able to help...
What should parents know about naming a guardian for their child?
Parents provide their child with support at every stage of their life, from providing for their physical needs to supporting their emotional needs. However, if you pass away before your child reaches adulthood, you will not be present to offer that support....