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If you’ve started doing some research about estate planning, you’re likely to see a lot of terminology with which you’re unfamiliar or that’s somewhat confusing. Two terms that people often use interchangeably but mean two different things are “heirs” and...
There are multiple steps involved in establishing a trust. If you plan to include this option in your estate plan, consider assessing your situation first. You may face significant decisions concerning the trust, such as who can be your trustee. Some might already...
One of the more common reasons that people create a trust when estate planning is to protect their assets. They don't want creditors to bring a lawsuit against them when they age and must live on a fixed income. They may also worry about claims during the probate...
Powers of attorney are among the most valuable documents that people can add to their estate plans. However, many people are averse to their creation. They worry that someone will abuse the authority that they delegate in their documents. Most people who draft powers...
Losing a loved one is a very difficult experience. Many people experience depression that manifests as inertia after a great loss. They may have a difficult time handling daily life, to say nothing of the unique challenges that come with estate administration. Some...
It is quite common for people to assume that their estate planning documents are valid and will protect them for the rest of their lives. They draft documents once and then set them aside, never to revisit them. These people may have failed to consider how their...
A blended family presents a unique set of estate planning challenges not commonly encountered in traditional nuclear families. It’s always complicated to think about how your assets will be distributed after your death, but the intricacies multiply when stepchildren,...
With the entire burden of caring for your family resting on your shoulders as a single parent, it’s crucial to have a comprehensive estate plan to ensure that your children will be looked after. Your estate plan will likely be more than just a basic document....
Giving gifts to loved ones can be a major source of joy. Many people actually enjoy giving gifts more than they enjoy receiving them. For this and a host of other reasons, many older adults who have accumulated substantial personal resources intentionally arrange to...
In Virginia, people are often advised as to the value of estate planning. This is true regardless of their income, family situation and age. Everyone can benefit by being fully prepared for the future with an estate plan of some kind. Taking this step is important,...