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estate planning Archives

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.

GUARDIANS FOR YOUR MINOR CHILDREN

Most parents understand how important it is to name Guardians for their minor children through a Will for the unfortunate situation of both parents passing away. However, many parents put off doing their Wills because they believe that their extended families will simply care for their children and work out the details if that situation ever arose. Most of us believe that such a situation will never happen to us, and we don't like to think about these terrible events occurring. Yet it is important to plan for these events because we want to make sure our children are adequately taken care of if something were to happen to us - and it is much easier and less stressful for your family if you have laid out Guardians through your Will.

The Law Office of Deborah N Arthur has undergone changes in the past few years that we are excited to tell you about in our first blog posting. Deborah's daughter, Rebecca, graduated from law school and passed the Virginia State Bar Exam in 2012 - joinin

The Law Office of Deborah N Arthur has undergone changes in the past few years that we are excited to tell you about in our first blog posting.

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