There are many ways to use a trust. One example is to use a discretionary trust, where the trustee gets to work with the beneficiary to make decisions on how the money is spent. Another option is to choose a specific focus. Maybe you want the trust to help your heir...
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Wills And Trusts
3 things you should know about trusts
Creating an estate plan that moves your assets to your beneficiaries when you pass away isn’t always easy because you have to face the fact that you won’t be around forever. Many people think that writing out a will is sufficient; however, that’s not always the most...
Why would you cut someone out of your will?
If you’re creating an estate plan, you do not have to include everyone in your will. But cutting someone out who expected to inherit is called disinheriting them, and it must be done carefully. It is usually best to use a disinheritance clause so that it makes your...
Pros and cons of funding spendthrift trusts
As you mull your options regarding estate planning, one choice worth a second glance could be trust funds. There are multiple options in that genre, but a particularly useful one is a spendthrift trust. Its name alone might give you pause but reading up on the pros...
Why you need legal guidance when drafting your will
Estate planning is one of the most important aspects you’ll ever address in your life. Having a sound estate plan can ensure that you always receive the medical care and support you need, and it also means that your loved ones will gain an inheritance. However, it...
Can you protect your will from disputes?
Creating a will is one of the most responsible decisions you can ever make. With a valid will, you can have peace of mind knowing that your wishes will be honored when you are no longer around to speak for yourself. If you die without a will, on the other hand, the...
What are the roles of witnesses in your Virginia will?
A will is a legal document that articulates what you want to happen to your estate when you die. For your Virginia will to be enforceable, it must be made in writing. Additionally, it must be witnessed by at least two competent adults. A will that is not witnessed can...
5 common types of wills
If you’re a Virginia resident and thinking about drafting a will, you have to meet a couple of requirements. Per Virginia Code Section 64.2-401, you need to be 18 years old (or an emancipated minor) and of sound mind to create a will. But before doing so, it’s...
Are DIY wills okay to use?
One of the many options people have when deciding how their estate will be distributed after their death is by creating a will. Many people see writing wills as a great way to ensure everyone gets something after they pass and to know their estate will be in good...
Setting up a trust for a beloved pet
Your cockatoo has been your constant companion since you adopted him as a baby. At the time, you were 42 years old. A cockatoo can live anywhere from 40-70 years when given the proper care. When you think about the fact that your cockatoo will probably outlive you,...