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Virginia's inheritance laws determine how a deceased person's assets are distributed to heirs. These laws govern situations with or without a valid will, ensuring fair property transfer. Here’s an overview of how inheritance works in Virginia. Inheritance with a will...
Estate planning encompasses more than just arranging for the distribution of assets after death. It also involves protecting your wealth during your lifetime. One often overlooked tool in this regard is Virginia's Homestead Exemption. This legal provision can play a...
For some people, estate planning is synonymous with drafting a will. Their main concern is setting aside property for beneficiaries and determining what happens with their resources when they die. Others may recognize the importance of planning for changes in their...
Wills are among the most important estate planning documents. For some people, they are the only document that they create. A will can name the person who oversees estate administration, designate specific beneficiaries and provide children with a guardian if anything...
It is important to think about future medical decisions when you are making your estate plan. You don’t know what the future holds, but there is a chance you could be incapacitated. This could happen if you suffer serious injuries in a car accident, for example, or if...
A payable-on-death account, or a POD account, is a financial account that has a beneficiary. As such, it is often used as part of the estate planning process. If you are working on drafting your estate plan, you can choose a beneficiary for this account and add them...
Trusts are one of the must-haves of a well-crafted estate plan. Revocable living trusts are particularly recommended thanks to their flexibility and ability to bypass probate. However, revocable trusts are just one of the many trusts you can add to your estate plan....
Unfortunately, estate planning often falls low on the priority list for many people. This is especially true for individuals who feel like they’re still young, healthy and far removed from the end of life. Unfortunately, delaying the creation of a will or trust can...
When naming an executor for your estate, you can choose a loved one or a professional party, such as your attorney or bank. Which of these two options is most suitable? Here is what you need to know to make an informed decision: Expertise Executing an estate requires...
Irrevocable trusts are often seen as unchangeable, but there are certain circumstances where modification is possible. If you are a beneficiary or a settlor of a non-charitable irrevocable trust, you might be wondering if there is any flexibility in adjusting its...