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When you begin estate planning, you may hear terms or phrases that sound much alike. You may assume similar-sounding terms are alternate ways of saying the same thing, but there are usually critical differences to understand. For example, some believe the phrase,...
In the intricate world of estate planning, trusts are invaluable tools for individuals and families to safeguard their assets and distribute them in a structured manner. However, the success of any trust hinges on the careful selection of trustees, individuals or...
In financial planning and asset management, the terms estate and trust are frequently used interchangeably. However, they represent distinct legal entities with unique purposes and functions. To fully grasp the nuances of trust and estate administration, it’s crucial...
If there is one issue that contributes to probate litigation more than others, it might be a sense of entitlement. Individuals ranging from close friends and romantic partners to children sometimes have a profound sense of entitlement regarding a loved one’s assets...
When someone dies, whatever property they solely own becomes their estate. Their vehicle, their house, their furniture and their other assets may all contribute to the total value of their estate. Those assets will generally need to pass through probate court before...
It can take a lot of courage to get your initial estate plan together, as it requires you to consider your own mortality and what your loved ones’ lives will look like when you’re gone. But even though you breathed a sigh of relief when that plan was first put...
Probate is not only time-consuming but also a lot of work. The person you name as an executor or personal representative will need to inventory all your assets and file the supporting documents with the probate court. They need to communicate with the creditors of...
If you’re the executor of someone’s estate, one of the first orders of business is locating the original copy of their will – because that’s what the court generally needs to see when probate is opened. What do you do, however, if all you have is a copy and you aren’t...
Handling their will can be daunting and emotional when a loved one passes away. The process involves legal complexities that are covered by Virginia laws and procedures governing how to manage a deceased person's will. Knowledge of these laws can help the next of kin...
Estate planning is a vital process that gives individuals control over how their assets will be managed and distributed after passing. One of the most significant assets many people own is their home, often laden with financial and sentimental value. Determining what...