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When someone dies, you face emotional loss and legal responsibilities. In Virginia, you must gather specific documents and complete certain steps to settle the estate, protect assets and prevent identity theft. Essential documents checklist You’ll need several key...
People who are going through the estate planning process in Virginia have many things to consider. One of these is where assets will go after the creator dies. This isn’t something that’s easy to determine, but it’s critical to ensure that it’s handled properly. If...
All adults should ensure they have an estate plan in place so their loved ones know how to handle their final affairs. Creating the estate plan can be a challenging undertaking, but it’s not something that can be done once and forgotten. The estate plan isn’t going to...
Trusts can own valuable assets and control the distribution of those resources for years or even decades. A trustee has the authority to manage those assets and respond to distribution requests. Therefore, choosing an appropriate trustee is of the utmost importance....
Passing on a valuable collection—whether it’s art, jewelry, classic cars, coins, wine or sports memorabilia—requires careful planning. Failing to plan properly can lead to disputes, tax issues and/or loss of value over time. A well-structured estate plan can help to...
When a child passes away, questions about what is meant to happen to their property can be both heartbreaking and complex. In Virginia, the answer to this question depends on several factors, including whether the child was a minor or an adult child of a living...
With a power of attorney, you are choosing someone who has the legal authority to act on your behalf. This person is known as your agent. The power of attorney may say that they get to make your medical decisions, for instance, or your financial decisions. As such,...
If you use an incentive trust in your estate plan, it is a unique way to pass money to a beneficiary. You are essentially able to give them different incentives or goals. This way, you can influence their behavior by determining when they should get access to their...
The most valuable assets people own can become sources of conflict and concern after their passing. Loved ones may fight over certain resources or worry about losing them during the challenges of estate administration. Home equity is often a priority consideration...
Starting an estate plan for the first time can feel overwhelming. Most people focus on the obvious items like homes, vehicles and savings accounts because those assets are easy to see and value. Yet an estate is more than the tangible possessions in front of you....