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...
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Estate Planning
What happens during probate?
There is more to probate than just distributing assets to the will beneficiaries. It’s 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...
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...
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 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...