If you’re one of the many people living in the Northern Virginia area whose spouse is not (or at least not yet) a U.S. citizen, you may wonder if their immigration status affects your estate planning. Specifically, does it affect their right to an inheritance? The...
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Year: 2021
Do you always need witnesses when signing a will in Virginia?
Making an estate plan is often an involved process. You have to make a list of essentially all of your financial assets and your debts to decide how to structure your legacy. You have to analyze your relationships and consider issues like taxes. All of that careful...
Do you need a plan to minimize your estate taxes?
When you die, you want your property to go to certain people in your family. You may want your children to inherit your real estate or your best friend to inherit the car you rebuilt together. Many people working on their estate plans become so focused on distributing...
Why would a single, young adult need an estate plan?
If you are single and between the ages of 18 and 25, you probably have never given a single thought to writing a will as part of an estate plan. After all, you are in the prime of your life — hale and healthy, and with few things of value. But the reality is that you...
Remember to address digital assets in your Virginia estate plan
When individuals sit down to engage in estate planning, they often think about leaving money in a bank account behind to their loved ones or maybe some of their home, car, prized collections or family heirlooms. They seldom think about what can't be seen, though. ...
What estate plan changes should you make when you divorce?
One of the many stages at which individuals often sit down to engage in estate planning is when they get married or have kids. They often do so to ensure that their spouse and/or children will inherit their assets when they die. As you might imagine, divorce is one of...
How soon do you need a will?
If you are over the age of 18, it’s time to look into beginning your estate planning process. Your will is an important aspect of your estate plan, and it is one that you should have in place as soon as you are 18. Why do you need a will when you’re only 18? While you...
2 strong reasons to consider asset protection planning
To many people, estate planning simply involves deciding who gets to keep their property when they die. However, your estate plan can also protect you if you have a medical emergency and address potential future financial or medical issues. For example, you can plan...
Are you thinking of disinheriting someone?
You can absolutely disinherit your heirs if you would like to do so. Most people don’t expect to be beneficiaries, but your immediate heirs -- i.e., your children -- certainly do. Cutting them out of the will and leaving them nothing, despite this expectation, is...
3 obligations that you need to fulfill as a trustee
Those with complicated family situations, major personal assets or significant personal debt might create a trust as part of their estate plan. If you accepted the role of trustee, there are certain responsibilities that you must fulfill. What are the primary duties...