If you’ve started doing some research about estate planning, you’re likely to see a lot of terminology with which you’re unfamiliar or that’s somewhat confusing. Two terms that people often use interchangeably but mean two different things are “heirs” and...
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For You And Your Family
Year: 2023
What are the responsibilities of a trustee?
There are multiple steps involved in establishing a trust. If you plan to include this option in your estate plan, consider assessing your situation first. You may face significant decisions concerning the trust, such as who can be your trustee. Some might already...
Can creditors take action against the assets in a trust?
One of the more common reasons that people create a trust when estate planning is to protect their assets. They don't want creditors to bring a lawsuit against them when they age and must live on a fixed income. They may also worry about claims during the probate...
How to protect against the abuse of a power of attorney
Powers of attorney are among the most valuable documents that people can add to their estate plans. However, many people are averse to their creation. They worry that someone will abuse the authority that they delegate in their documents. Most people who draft powers...
Where should people look for a will when a loved one dies?
Losing a loved one is a very difficult experience. Many people experience depression that manifests as inertia after a great loss. They may have a difficult time handling daily life, to say nothing of the unique challenges that come with estate administration. Some...
Why might people decide to update existing powers of attorney?
It is quite common for people to assume that their estate planning documents are valid and will protect them for the rest of their lives. They draft documents once and then set them aside, never to revisit them. These people may have failed to consider how their...
Estate planning challenges for blended families
A blended family presents a unique set of estate planning challenges not commonly encountered in traditional nuclear families. It’s always complicated to think about how your assets will be distributed after your death, but the intricacies multiply when stepchildren,...
Estate planning considerations for single parents
With the entire burden of caring for your family resting on your shoulders as a single parent, it’s crucial to have a comprehensive estate plan to ensure that your children will be looked after. Your estate plan will likely be more than just a basic document....
How can planned gifting impact someone’s estate?
Giving gifts to loved ones can be a major source of joy. Many people actually enjoy giving gifts more than they enjoy receiving them. For this and a host of other reasons, many older adults who have accumulated substantial personal resources intentionally arrange to...
How do I make certain my will is valid?
In Virginia, people are often advised as to the value of estate planning. This is true regardless of their income, family situation and age. Everyone can benefit by being fully prepared for the future with an estate plan of some kind. Taking this step is important,...