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...
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Estate Planning
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 you’re like many business owners, you hope it continues growing far into the future. Therefore, it’s crucial to outline a clear plan to safeguard...
3 reasons you should consider digital estate planning
When developing your estate plan, you’re essentially directing how your estate will be managed and distributed after your passing. While a traditional estate plan is suitable for managing physical assets and financial affairs, digital estate planning is essential for...
How should you address your art collection in your estate plan?
Whether collecting art is one of your passions or more of a hobby where you pick up a piece or two whenever you travel, your art collection may be one of your more valuable assets. As you embark on estate planning, what is the best way to address this collection? The...
Why do so many not have an estate plan?
We mentioned in a previous post that not many people have made an estate plan. Only 33% of adults in the country have put one in place. Let’s now look at why that is. Or, more specifically, what those interviewed for the survey that produced these figures gave as...
Does the thought of administering an estate worry you?
Just because you agreed to execute someone’s estate does not mean you ever expected to have to do it. Perhaps you thought you would die long before they did. Or maybe you were too afraid to say no for fear of disappointing them. Now that the person has died, you can...
Why do estate planning early?
If you are in your twenties or thirties, making an estate plan might be something you have never even considered. Or perhaps you know you will need one but figure that you have years to worry about making it. While most people’s estate plans only come into play when...
How do you fund a revocable trust?
Revocable trusts have certain advantages over irrevocable ones, such as avoiding probate. They also have specific disadvantages, such as reduced control. It’s all about deciding what is best for your particular needs. If you opt to create a revocable trust, you need...
Why should an estate plan be revised after having a child?
If you have just had a child, the last place you want to be is sitting in an attorney’s office, poring over paperwork. You want to be by your child’s side, watching for their reactions or holding them in your arms and telling them how much you love them. However, the...
Is estate planning necessary for everyone?
Most people understand the importance of creating an estate plan to better ensure that their wishes are honored when they die. Therefore, it may be surprising that an estimated 67% of the adult United States population doesn’t have one in place. Many people may...