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,...
Estate Planning
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...
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...
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...
What do filing inventories and preparing accountings mean?
The primary goal of estate administration is to ensure a systematic and lawful transfer of a deceased person's property to their heirs or beneficiaries. In Virginia and other states, estate administration includes filing inventories and preparing accountings. This...
What should business owners know about estate planning?
For business owners, estate planning involves preparing for the future management and distribution of your assets, including your company, in the event of death or incapacitation. This planning is essential not just for personal reasons but also for your business's...
4 estate planning tips for unmarried partners
As unmarried partners navigate the journey of life together, it is important to consider how to safeguard your shared assets and ensure a secure future. Without proper estate planning, unexpected events can lead to unintended consequences. 1. Clear beneficiary...
Tips for avoiding probate
Probate can be a lengthy, costly and complex legal process that follows someone's passing, tying up assets and causing stress for loved ones. Fortunately, there you can take steps to simplify your estate and protect your family from the probate process. Establish a...
Tips for choosing an estate executor
CNBC reported in 2022 that only 33% of Americans have an estate plan, For those that do, an important step is choosing an executor. Selecting an estate executor is a significant decision that demands careful consideration. The executor, usually a close family member...
4 things to do while estate planning in Virginia
Estate planning is an important step in preparing to distribute your assets according to your wishes after your passing. If you live in Virginia, there are several essential considerations to keep in mind when creating your estate plan. According to a study by Gallup,...