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Few things feel as personal — and as easy to postpone — as deciding what happens to your assets after you are gone. But waiting can cost your family more than time and stress; it can also mean paying taxes that careful planning could have reduced or avoided. Estate...
Planning for the future involves making important decisions about how your assets will be handled. Two of the most common tools used in estate planning are wills and trusts. While they may seem similar, they serve different purposes and offer distinct benefits....
Estate planning is important after numerous major life milestones, such as becoming a parent. Children rely entirely on their parents for care and support. If parents die, children may be at risk of foster placement unless their parents have already named a guardian...
Estate administration frequently requires that personal representatives (commonly known as executors) manage and eventually sell the estate’s assets. Some estate plans leave instructions for personal representatives to transfer specific property to certain...
Many people show up to their first estate planning meeting with good intentions and zero paperwork, you included. Then you watch your Arlington, Virginia attorney spend an hour asking questions that a single folder could have answered. You leave without a finished...
In some cases, when someone establishes a trust, it is for a specific goal. They have an outcome they have identified, and they want to create the trust to ensure that it happens. For example, a grandparent may want to set up a trust to cover the college tuition costs...
Life rarely stays the same for long. When major events occur in Virginia, your estate plan may no longer reflect your wishes or comply with current Virginia law. Why major life changes should trigger an update An estate plan works best when it reflects your current...
Some people decide to add Totten trusts to their comprehensive estate plans. It’s a wise strategy for many with beneficiaries who may not be traditional or legally-protected heirs. As Totten trusts are not actually trusts, but payable-on-death accounts, beneficiaries...
Going through a divorce necessitates updating legal documents to reflect your new status. And one of those documents is your will. You need to update provisions in your estate planning documents that benefit your former spouse. Here is what you should know: Automatic...
Many people assume estate planning is something to handle later in life. In reality, creating an estate plan often makes sense much earlier than most expect. Estate planning can start when you become a legal adult In Virginia, you can create a valid will once you...