When your child heads off to college, you're likely focused on tuition bills, dorm shopping and emotional goodbyes. However, what you may not realize is that Virginia law now recognizes them as a legal adult, meaning you no longer have automatic authority over their...
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Totten trusts can play an important role in estate planning
One of the most important decisions that’s made during the estate planning process is determining who’s going to receive which assets. Some of these assets might include bank accounts, such as checking and savings accounts. Totten trusts, which are a type of...
Why pre-retirement is a key time to review an estate plan
Wills and other estate planning documents typically do not expire. They retain their legal authority until the testator modifies their documents or replaces them with new legal instruments. There are many different experiences that may necessitate the review of estate...
How a deed can help homeowners during estate planning
There are specific legal documents that people tend to associate with estate planning. Wills, trust documents, advance medical directives and powers of attorney are all common inclusions in estate plans. Deeds are also potentially valuable for people with real...
Attorney vs. DIY estate planning: Key differences
If you’ve delayed starting your estate plan, many others wait until major life changes push them to act. In Northern Virginia, many families delay estate planning until their children are older or their assets have grown. When the time comes to put a plan in place,...
Can a trust encourage “good” behavior?
You’re interested in leaving an inheritance to some of your family members, such as adult children or grandchildren. At the same time, you may be concerned about their behavior or the choices they’ll make moving forward. You want to find a way to encourage what you...
Most people don’t have an estate plan, and it’s a major risk
Estate planning, unfortunately, is not the norm. Roughly two-thirds of all people in America, according to some studies, do not have an estate plan. Some of this is due to age. For many people, the issue isn’t that they don’t want to write a will or that they don’t...
Irrevocable trusts can benefit your beneficiaries in several ways
Creating your estate plan enables you to outline your wishes for your estate after you pass away. Determining the most appropriate way to pass assets to your beneficiaries is one of the major decisions that has to be made. One option for passing down assets is...
Is it necessary to notarize a will in Virginia?
Wills are among the most powerful legal instruments individuals ever create. A single document can potentially determine their long-term legacy and how people remember them. A will can control the distribution of hundreds of thousands of dollars in personal assets....
Lost a family member? 5 must-know steps for handling the estate
Losing a family member is a challenging time, both emotionally and practically. Handling their estate can seem overwhelming, but understanding the necessary steps can ease the process. This guide outlines five essential steps to manage a deceased loved one's estate...