We're Here When You Need Us 703-278-2028

estate planning Archives

Planning one's estate for the future

Seeing as the new year has begun, most people living in Virginia have started to carry out their New Year's resolutions and take more responsibility for their lives. One of the best ways to step up and be more responsible is to plan for the inevitable and prepare one's estate before it's too late.

When estate plans need updating

There are a few common errors people make with their estate planning. One is leaving certain critical documents, such as a will, out of the plan. Others have to do with failing to update the plan. People in Virginia should review their estate plan roughly every three years, but there are also certain events or situations that should trigger a review.

Stan Lee's estate may not have such a happy ending

Fans of Spider-Man in Virginia are among the many superhero enthusiasts around the world who have been mourning the recent death of Stan Lee. Unfortunately, the last few years of the life of the former head of Marvel Comics were a tangled web of accusations coupled with numerous changes involving relationships with attorneys and business managers. During this time, Lee also lost his wife, was accused of sexually harassing home aides and nurses, and made accusations about thousands of dollars being stolen from his condo.

Estate planning can help young people

Young people in Virginia may not dedicate a lot of time or mental energy to thinking about estate planning. For many millennials, especially those who are single and do not have children, making out a will seems unimportant or a matter to be considered for the future. According to one survey, 78 percent of younger adults do not have a will or other estate documents in place. While many note that death is an unpleasant topic, for many people, the issue is simply off their radar.

Estate planning involves more than just creating documents

Developing a viable estate plan involves more than just making a will for distributing assets. Virginia residents may be interested to know that the people they pick to carry out their plans can be just as important as the documents themselves. Picking the wrong representatives for estate planning tasks can have devastating effects.

Explaining a will could prevent disputes

A complete estate plan may require more than just a will, a trust and powers of attorney. When a person with substantial assets dies, family members sometimes dispute the wording in the will and precipitate lengthy legal battles. Financing such disputes in Virginia could deplete the funds in the estate. There are some things a person could do to reduce the likelihood of family strife following their passing.

Family infighting can limit an estate plan's effectiveness

Estate planning tools can help minimize a family's tax obligation in the future. However, Virginia residents and others may also want to consider how family dynamics could influence the effectiveness of an estate plan. For instance, siblings who don't like each other may not make their feelings known until their parents pass away. In one case, a $1 million inheritance became a $400,000 inheritance because of family infighting.

Getting organized can be the key to a quality estate plan

When a Virginia resident passes away, his or her assets will be distributed to other parties. A Will can ensure that those assets are distributed in accordance to the deceased's wishes. However, simply having a Will doesn't mean that an estate plan is complete.

TRANSFER ON DEATH DEEDS - A BENEFICIARY DESIGNATION FOR YOUR HOME

There are multiple ways to attempt to avoid probate including the use of beneficiary designations on life insurance policies, retirement accounts, and other similar accounts. Other ways to avoid probate are through joint ownership, however, joint ownership may not be the best approach in some situations (particularly between a parent and a child). Probably the most effective and smoothest way to avoid probate and to make sure your estate is handled properly is through the use of a Revocable Living Trust.

Email Us For A Response

Put Your Mind To Ease—Contact Us Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Phone: 703-278-2028

Law Office of Deborah N. Arthur
5031 Backlick Road
Annandale, VA 22003

Annandale Law Office Map

Fax: 703-658-3555