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Trusts have become more popular in recent years, as people increasingly realize that they can accomplish numerous different goals – including helping families of significant means safeguard their wealth and create a lasting financial legacy. A dynasty trust is a type...
When someone dies in Virginia, their personal property forms their estate. Before other people can take possession of assets that have been left behind, the estate will generally need to pass through probate court. Part of the process specifically relates to resolving...
You probably feel honored to have been chosen to administer another party’s estate once they pass away. Most people take a serious approach to this role, hoping to make things as easy as possible for the deceased’s surviving family members. Estate administration is...
In the modern world, more people are taking a do-it-yourself approach to many elements of their lives. They cut their own hair or maintain their vehicles themselves, to name just two. Doing some things yourself offers advantages, such as ensuring self-reliance and...
A will is a document that specifies how you want to distribute your assets after your death, whereas a trust is a legal arrangement where you transfer your assets. Typically, you use a will to specify final arrangements and select guardians for your minor children. A...
People add trusts to their estate plans for numerous reasons. Sometimes, their goals are very practical, such as avoiding certain forms of taxes or being able to qualify for certain benefits later in life. Other times, goals have more to do with what will happen to...
People generally assume the role of estate executor via one of two paths. In some cases, an individual agrees ahead of time to administer someone else's estate and has their name included in estate planning paperwork. Other times, the probate courts may appoint a...
Trustees have a fiduciary duty to manage a trust for its intended beneficiaries or purpose. Generally, this responsibility means they cannot use the trust’s assets for personal gain, such as buying private properties. Failure to uphold this duty may result in various...
Charitable giving refers to donating money, assets or property to nonprofit organizations or charities to support their philanthropic causes. These donations serve crucial social, environmental and humanitarian purposes. But that isn’t all; they can also allow you to...
One of the many advantages of estate planning is that you can designate what you want to happen to your body after you’re gone. While that’s not pleasant to think about, it’s easier to contemplate when you’re still relatively young and healthy than in your final days....