When business owners are working on a succession plan, they often assume that the division should be equal between their family members. For example, say that a business owner has three adult children and is including them all in the estate plan. At the same time,...
There are multiple types of powers of attorney. People need different support in a variety of unique circumstances, including support with financial matters or with medical decision-making in an emergency. For those concerned about major, long-term medical challenges,...
A no-contest clause is one of the most effective ways to discourage your family members or estate beneficiaries from wasting time and money in court by contesting your will. However, before adding one to your estate plan, it is important to understand the full...
Protecting minor children is one of the objectives of estate planning. If you have a minor child, it’s crucial to name a guardian who will take care of them if you are unable to because of incapacitation or death. Virginia law allows parents of a minor child to...
The classic estate plan dispute that you’ll see in TV dramas revolves around money. One party is upset that the deceased left money or a large asset like a home to someone other than them. Not all disputes are things like this. Here are some other reasons for...
Most people think that they will always be able to make decisions for themselves, but that’s not always how life works. All adults should think carefully about who will manage their affairs if they’re unable to do so themselves. This person should be given a power of...
Many people created their estate plans while they are married. Their wills, trusts, powers of attorney and healthcare directives may name a spouse as a primary beneficiary, executor, trustee or decision-maker. After a divorce, those designations may no longer reflect...
Getting your estate plan together takes a lot of thought because you likely want to make sure that you have everything set up just right. Your effort may not end there. It’s usually a good idea to discuss the plan with your loved ones so there’s no confusion later. ...
In an emergency, a person may be unable to pay their bills, run their small business or manage their assets. They could recover from a medical event or similar issue, only to face major economic setbacks. Financial powers of attorney protect people from economic...
