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Estate planning largely revolves around preparing and passing on an inheritance for loved ones. You can also utilize this process to organize your medical preferences in the event of incapacitation, as well as guardians for your minor children. Consequently, estate...
Those who create estate plans often include specific inheritances for the people closest to them. Even if someone didn't have a will, their close family members will typically inherit their property under intestate succession laws. However, it will usually be quite...
A power of attorney allows you to sign your rights away, to some degree. You give somebody else the opportunity to make decisions for you that they usually wouldn't have the right to make. For example, a medical power of attorney could let them decide if you're going...
Individuals who have significant personal property in Virginia need to address concerns including creditor claims and taxes when thinking about their legacy. A proper estate plan can help protect assets from liquidation during probate administration and even from...
A payable-on-death (POD) account is one that you can set up at many financial institutions. When you do so, similar to buying a life insurance policy, you’ll be asked to name a beneficiary. You may also be able to name multiple beneficiaries. But you have to at least...
A codicil modifies or adds to a previously executed will. It is a legal document you can use to make minor changes to a will, such as changing the executor, adding or removing beneficiaries or altering specific gifts. A codicil operates as an amendment to a will. You...
When you designate the intended beneficiaries of your assets in your will or living trust, you’ll likely include valuable assets like your home and other real estate, cars and boats, bank, retirement and investment accounts, valuable jewelry, art and collectibles. You...
Many long-married couples who want to make their estate planning simple and cost-effective think the best way to do that is to have a joint will. They often picture one document developed and signed by both spouses stating their wishes for their assets – most, if not...
Retired adults in Virginia usually expect that Medicare will largely cover their health needs later in life. It is certainly true that Medicare provides near-universal coverage for adults over retirement age in re: their basic healthcare needs. However, when...
When you set out to do your estate planning, thoughts turn to whom to appoint as executor of the estate. You may have one or more people in mind, but when you ask them to accept the appointment, they all have excuses for why they can’t do it. What could this mean?...