If you’re a Virginia resident and thinking about drafting a will, you have to meet a couple of requirements. Per Virginia Code Section 64.2-401, you need to be 18 years old (or an emancipated minor) and of sound mind to create a will. But before doing so, it’s...
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For You And Your Family
Year: 2022
5 estate plan tasks to complete before a new year begins
Once you have an estate plan, you must keep it up to date. Many find it helpful to review their existing estate plan for potential weaknesses near each year's end. Areas to study and change as necessary include the following. Go over your beneficiary designations...
How much of your estate is vulnerable to Medicaid recovery?
To qualify for Medicaid, individuals need to meet strict limits established for both their current income and their personal property. It can be very difficult to qualify for Medicaid quickly when someone realizes that they need benefits. Virginia is not particularly...
Estate planning 101: Simple ways to handle debt
You might have assets or financial accounts you plan to pass on to your kids in case you die. But, like most people, you are more concerned about who gets what. While this is not bad, you should never ignore your financial obligations when planning your estate. This...
You may have an outdated estate plan
The fact that most people don’t have an estate plan often gets a lot of press. It’s true that the majority of individuals don’t have a plan, and this makes those who do have a plan in place feel like they have already accomplished this goal. They’ve done their estate...
Will vs. living trust: Which is better for you?
Deciding how you would want your hard-earned assets to be distributed after your demise is a prudent idea. In fact, this is one of the most important decisions you can ever make whilst alive. Without a plan in place, the state of Virginia would have to decide what...
How do you leave someone out of your will?
There may be a situation in which you want to leave one of your heirs out of the will, meaning that they will not inherit anything. In some cases, parents do this because they’ve had a falling out with one of their children. But it could also be something positive,...
2 obligations that can pass to you as the estate representative
When you agree to serve as the personal representative of a Virginia estate, you know that there will be a lot of work involved. You will be the one that has to go over someone's financial records, and it will also be your responsibility to attend probate court...
Designating what happens to your TSP after you’re gone
You may not realize it, but an important step in estate planning doesn’t involve any estate planning documents. It’s your beneficiary designations on your various accounts. This includes retirement accounts. If you’re a federal employee or retiree, you likely have a...
Are DIY wills okay to use?
One of the many options people have when deciding how their estate will be distributed after their death is by creating a will. Many people see writing wills as a great way to ensure everyone gets something after they pass and to know their estate will be in good...