According to recent data, about 67 percent of Americans do not have a will or any estate plan in place. This figure highlights how many people overlook the importance of having a plan for their assets in case of disability or an untimely death. This public reluctance...
Estate Planning & Administration
What is a probate and how will it affect my estate?
Probate is one of the terms you might encounter while planning your estate. But what is it and what does this entail? Probate is the legal process that oversees the administration of a deceased person’s estate. It guarantees everything you leave behind will be handled...
How an asset’s ownership type affects an estate’s distribution
When estate planning, it is essential to consider the various forms of ownership and how they may influence the transfer of assets upon your death. This is because your choice of ownership can have significant tax implications and affect the ease, timing and privacy...
Revisiting your needs: When you should update your estate plan
Estate planning is crucial in ensuring the proper distribution of your assets according to your wishes when you pass away. Unlike what most people think, an estate plan is a dynamic tool, not a one-time event. Hence, you should make it a habit to periodically revisit...
Questions to consider when choosing the executor of your will
A will is a legal document that can enable you to dictate explicitly and comprehensively what you want to happen to your estate when you die. You must select an executor to fulfill your last wishes and carry out the specific instructions you put in your will. They...
How can you integrate charitable giving into your estate plan?
No matter how much wealth you possess, you cannot take any of it to the grave. But you can control what happens to it when you have passed on. While you prioritize caring for your loved ones, you might also have a heart for service. However, you probably hesitate to...
What are some signs of a good choice for an executor?
As you organize your estate and create a plan that you feel good about, there is one choice that can make a big difference. Who you want as your executor is a topic that you should take serious time to think about. Part of making this choice includes learning about...
Selecting the right guardian for your estate plan in Virginia
An estate plan is a critical element of financial planning. It ensures the fulfillment of your wishes for distributing your assets after your demise. As part of an estate plan in Virginia, appointing a guardian is vital if you have minor children or dependents who...
Essential elements of an estate plan in Virginia
Many people who are not well acquainted with what estate planning entails think that estate planning equals a signed, valid will or a trust. Actually, there is much more to estate planning than just having a will or a trust. In fact, there are several different...
Costs and preferences when pre-planning your funeral
When you and your family sit down to discuss your estate plans, it is important to understand your preferences at each step of the process. This may include knowing who you wish to pass your property on to or how you wish to approach financial and medical powers of...