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Creating an estate plan is a way to provide instructions for your affairs after you pass away. This can include several components, one of which is a trust. A trust is a legal tool that makes it possible to pass assets to beneficiaries without going through the...
Asset protection is one of the most common reasons that people fund trusts. They move real estate, retirement resources and business holdings to a trust to avoid threats to their most valuable assets. Trusts can manage and distribute resources. They also act as a...
Virginia law classifies pets as personal property, which means owners cannot leave money or assets directly to a dog or cat. Families who want to protect their companions may consider a different legal tool. A pet trust provides a legally binding mechanism to fund and...
Maybe you have thought about bringing up estate planning with your parents, then talked yourself out of it. You do not want them to think you are worried about an inheritance or questioning their ability to make decisions. At the same time, you know waiting for a...
Parents naturally want to leave a lasting legacy for their children. However, sometimes handing over large inheritance to the child does more harm than good. Whether the adult child struggles with poor financial habits or debts, medical conditions, substance abuse or...
Setting up an estate plan can feel like a task for a different version of yourself; one who is older or has a lot more money in the bank. But before you decide to put off making an estate plan because you think you don't need one, consider some of the invaluable...
Yes, a will is much different than a trust. Both are important parts of building an estate plan, but they operate in different ways. With a will, you typically just give instructions for how you want your assets to be divided. Say that you have $600,000 in financial...
Creating your estate plan can give you a great sense of relief and accomplishment. However, even after you've done your planning, there is another step you can take to further reinforce your wishes. An estate plan works best when your loved ones understand your wishes...
After a death in the family, legal responsibilities can appear before you have had time to process what happened. If you have been named as the personal representative, or expect to take on that role, you may wonder what needs immediate attention and what can wait....
It is very common for people to put off estate planning, often until retirement. For example, some reports have found that 66% of Americans do not have an estate plan. When asked why not, 40% said they had not gotten around to it, meaning that the biggest reason for a...