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A will gives you control over what happens to your assets, your children, and your property when you die. Without one, Virginia's intestacy laws take over, and the results frequently surprise the families left behind. A common misconception about estate planning is...
Many people believe a last will and testament controls the distribution of all their property. In Virginia, however, the will only governs assets that are part of the probate estate. The asset's title or beneficiary designation often determines its path, regardless of...
Married people often name their spouses as beneficiaries in estate planning, financial and insurance documents. Their spouse may be the main beneficiary in a will. They may be the beneficiary of a life insurance payout. They may even receive the remaining balance in a...
Many people assume that only adults can create legally enforceable wills. In most situations, that assumption is correct. State laws generally require a person to be at least 18 years old to execute a valid will. However, there are important exceptions that can apply...
Powers of attorney help to facilitate practical support in difficult situations. People can empower spouses, children and other trusted individuals to make decisions about their medical needs or their finances. Powers of attorney are especially important for those...
Estate planning is not only about what happens to your assets. It’s also about what happens to you in the event of a health emergency that prevents you from coordinating with the medical team as to which treatments you want or don’t want. For example, some people...
Debt is something that tends to weigh on people’s minds – even when they are contemplating their own mortality. Between mortgages, car loans, credit cards and other obligations, the average American household is carrying about $154,152 in debt. Many people worry that...
Nothing may weigh more on a parent’s mind than who to name as their minor child’s guardian if something happens to them and the child’s other parent – but that is an essential part of estate planning. Failing to name a guardian for your minor child will leave the...
Passing real estate to the next generation can be one of the most meaningful parts of an estate plan and one of the easiest places for avoidable conflict, delay and taxes. The “best” method depends on your goals. These can include keeping the home in the family,...
When you think of estate planning, you might think of it as little more than legal and financial paperwork. However, it is also a highly personal process, and your planning documents should reflect your personal wishes and values. While the law sets an important...