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....
Trusts
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...
5 advantages of revocable trusts in Virginia
Estate planning in Virginia is important at all stages of life. It can help with financial security, peace of mind and wealth preservation, among many things. Revocable trusts stand out as a valuable tool to give people flexibility and control over their assets. 1....
What advantages does a living trust provide?
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,...
Does your situation need a codicil or a new will?
Estate planning is not just one afternoon of dedicated dictation. You have a lot to work through when it comes to communicating with your family and making sure your will describes your wishes clearly. In the event that you change your mind about any of it, you may...
Tips for choosing the right trustee
When people create trusts, they must appoint trustees to own and manage the assets in the trusts. Grantors must consider the capabilities of the appointees and the legal responsibilities required of trustees when deciding who to appoint. The following tips may help...
3 reasons to consider a revocable living trust
When you create your Virginia estate plan, you have many different avenues through which to make arrangements. While a will is an important foundation for any estate plan, there are limits to what you may do with a will. Sometimes, you may have specific goals in mind...
3 types of people who benefit greatly from having a trust
There is a common misconception that including a trust in one's estate plan is something that only benefits wealthy individuals. While it is true those with large amounts of assets stand to benefit from using a trust, so too do many other types of people. If you...
What is a codicil?
Your wishes may change over the years, which means your will may change as well. There are several ways to update your will including making a whole new will to replace the old one or going through the process of altering your current will. Another method is to make a...
How are revocable and irrevocable living trusts different?
There are multitudes of ways to organize your estate, and trusts are a powerful component of that. There are many things that trusts can do that wills cannot, and most estate planners benefit from making use of trusts. The two varieties of a living trust are revocable...