When you set up a trust, you have to pick a trustee. The trust provides instructions for how assets should be distributed, but it is the trustee who makes those distributions. The beneficiary cannot access the money without them. People often choose a family member or...
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The differences between revocable and irrevocable trusts
Trusts can either be revocable or irrevocable. Understanding the differences is crucial if you are considering creating a trust for your loved ones to benefit from when you are gone. Choosing the wrong option can lead to undesirable consequences and legal issues in...
What happens during probate?
There is more to probate than just distributing assets to the will beneficiaries. Itโs a legal process that involves several key steps. Understanding what happens during probate can help make things easier for everyone involved in the process, whether you are an...
3 estate planning updates to make during a divorce
Divorce is often a time of uncertainty and personal upheaval. People are often uncertain about what may happen with their family relationships and personal resources. It is common for adults to focus so much on the immediate legal concerns that they face that they...
3 important steps to take after a family member dies
People often feel so overwhelmed by the emotional responses to a death in the family that they overlook practical issues. Even intelligent, organized individuals may let their grief dictate their conduct in the early days after someone's passing. Unfortunately, legal...
How can people transfer real estate in their estate plans?
The more valuable a specific asset is, the more important it becomes to have a plan for what will happen to it when someone dies. Assets may require probate oversight to transfer to new ownership. They can be worth a lot of money, which means that they can affect the...
What rights do you have as a will beneficiary?
Going through estate administration while grieving the loss of a loved one can be overwhelming. Nonetheless, it is vital for involved parties to understand the process, especially if they are beneficiaries of the decedentโs will. If you are a beneficiary of a will, it...
Choosing the right agent for healthcare matters
It can be a difficult prospect for other people to make decisions about an adult's medical needs in an emergency.ย Other people may have a hard time recalling someone's wishes, and their prior conversations on the topic may no longer reflect someone's desires. An...
Estate planning strategies for blended families
Family dynamics have undergone a substantial shift in recent decades. Approximately 40% of families in the United States are blended. This creates some unique situations regarding estate planning. Virginia has laws regarding heirs, and failing to account for those can...
What will happen to your business after you die?
You have spent a significant amount of time building your business, and now you are enjoying the fruits of success. And if youโre like many business owners, you hope it continues growing far into the future. Therefore, itโs crucial to outline a clear plan to safeguard...