After your death, your loved ones may have to navigate a probate process that involves proving your will and administering your estate. In Virginia, the probate process may prove long, complex and costly, but there are certain estate planning steps you may be able to...
Estate planning: Top 3 mistakes families make
Mortality is a reality, but your family legacy can live on. Mom and dad have worked hard to provide for your family, and as they are aging, perhaps you have considered walking them through estate planning to protect their wealth. As you prepare and seek professional...
What is a fiduciary duty?
Fiduciary duty is a term applied to you when someone designates you as the trustee of his or her trust or as the executor of his or her will, and therefore the administrator of his or her estate when (s)he dies. FindLaw explains that, in essence, “fiduciary duty”...
How to avoid common mistakes in estate planning
When done correctly, estate planning provides a level of confidence to a family. It ensures the assets of a person go to the designated beneficiaries and that money is not lost in the probate process. As with any area of law, though, common mistakes exist that have...
What are ways to avoid probate?
People who have concerns about their estates going through probate generally worry that their heirs will have to wait a while to receive their inheritance. You might also worry about the lack of privacy probate will afford your estate since wills become a part of the...
A new marriage needs a new estate plan
If you have been divorced or widowed and have now found a new love with whom you want to share the rest of your life, you deserve to feel elated and positive about your future. However, the promise of a happy family and home life should not prevent you from tending to...
Is your estate executor the right one?
Are you a Virginia resident who recently started to work on your estate plan? If so, there are a few things you should establish before you begin working out the finer details. One of the very first things you should do is find an estate executor. Today we will look...
What happens to your digital assets when you die?
As the world changes, so too does estate planning. One area that was not important years ago, the handling of digital assets, will only loom larger in the coming years. Clients putting together a comprehensive estate plan should consider a strategy to protect their...
Does you last will reflect your wishes?
The topic of death is not a typical subject for conversation. However, it often becomes necessary as a result of someone's passing. It is never too early or too late to review the details of your last will and testament. In doing so, you leave a true legacy to the...
What are principal and income in a trust?
There are two types of assets associated with a trust in Virginia: principal and income. It is important to know the difference when you create a trust because you will have the option to have your principal distributed one way and your income distributed in a...
