Reviewing and updating estate documents after any major life event, including divorce, is important to ensure that the documents reflect your current wishes. A divorce can impact your current estate plan and changes may need to be made and updated documents prepared to protect your interests. 1. Will Divorce does not invalidate a valid will.continue reading…
Wills, Trusts and Estates
What to Consider When Selecting an Executor, Trustee, or Agent
An important part of the estate planning process involves selecting an individual to carry out your wishes in accordance with your estate plan. The individual(s) you select to serve as your fiduciary are important to the success of the estate plan and your estate in the long-term. What is the difference between an executor, trustee,continue reading…
WHY EVERYONE NEEDS AN ESTATE PLAN AND WHY IT PROBABLY SHOULD INVOLVE A TRUST
We all know that you can’t take it with you, but too many people have not taken the time to properly consider an appropriate estate plan. Many people are like Fred and Sally Smith. Fred and Sally have been delaying getting an estate plan. They don’t like thinking about dying and what the world willcontinue reading…
What Happens if You Die Without a Will?
If you don’t have a Will when you die, you die “intestate”, the opposite of “testate” meaning dying with a Will. Virginia statutes essentially write your Will if you don’t have one. Many types of assets pass to your beneficiaries outside of probate, whether you have a Will or not. Examples of these types ofcontinue reading…
The Pros and Cons of Irrevocable Trusts
Clients often ask about whether they should have a revocable or an irrevocable trust. As a general rule, I like flexibility – we have no clue what a client may face in 5 or 10 years down the road. That said, there are some advantages to using an Irrevocable Trust. Let’s first start with whatcontinue reading…