Choosing a trustee is an essential step when establishing a trust. Some people may already have someone in mind for this role. But others can find it challenging. In specific scenarios, an individual may have no close family members eligible to become a trustee,...
Northern Virginia Law Blog
Are there benefits to choosing family as an estate executor?
Estate planning involves many important decisions. One of the most crucial is selecting an executor. This person will be responsible for carrying out the directions in your will, settling any debts and distributing your assets. But is choosing a family member as your...
3 key benefits of irrevocable life insurance trusts
An irrevocable life insurance trust is a powerful estate planning tool. It also offers several advantages for individuals and families in Virginia. Understanding the key benefits of an ILIT is helpful for making informed decisions about estate planning strategies. 1....
Key documents for a comprehensive estate plan
Creating an estate plan involves preparing a set of legal documents that guide the distribution of your assets and specify your wishes regarding healthcare and guardianship, should you become unable to make decisions for yourself. Given the importance of having a...
Three tips to properly manage assets as an executor
If you become an estate executor for a deceased loved one, you will probably find that probate will be an emotional and stressful time for you. As part of your duties, you must oversee the property and assets of your relative. This may feel like an overwhelming task,...
Tax-saving strategies in estate planning
Estate planning is not just about passing on your assets to loved ones. It is also about minimizing the tax burden they may face after your passing. By employing smart tax-saving strategies, you can ensure that more of your wealth goes to your beneficiaries and less...
Avoiding pitfalls when choosing a business successor
By naming someone to take over ownership of your business after you retire or die, you can ensure the continuation of your enterprise beyond your lifetime. Still, choosing a successor might not be effective if you make one or more mistakes when creating your plans....
How to choose the right person for financial power of attorney
When planning for the future, choosing someone to handle your financial affairs when you cannot is a huge decision. The person you select to become a financial power of attorney (POA) representing your estate will have significant responsibilities. This is a task you...
New estate planning considerations when you retire in Virginia
As you retire in Virginia, it is important to reassess and update your estate plan to align with the specific considerations of this stage in life. After all, estate planning is not a one-size-fits-all endeavor. Virginia retirees should be mindful of certain aspects...
4 key considerations when choosing a special needs trustee
When setting up a special needs trust, one of the most important decisions you will make is selecting the right trustee. This individual or entity will manage the trust for the benefit of the person with special needs. 1. Understanding of special needs The trustee...