Estate planning is more than just drafting a will or setting up a trust. Filling your plan in a safe place with other important documents is invaluable, but so is keeping track of them and providing access to executors or family members. Creating a "red file" can be a...
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Estate Planning
Considering cremation? Plan for your final Virginia resting place
One important part of estate planning people often overlook is detailing their wishes for what happens to their bodies after they die. You can state your wish for organs and more to be donated in your advance directive, but what about your final resting place? Do you...
Young adults do need an estate plan
Estate planning is often thought of as something that only elderly or infirm people need to think about. That’s why almost three-quarters of all eligible adults have no estate plan. Nonetheless, the reality is that estate planning can benefit all adults, including...
Witnesses are important when drafting a Virginia will
Creating a will is a smart move for those with dependent family members or valuable property. A will allow a testator to control their legacy and provide support for their family members when they die. The availability of fill-in-the-blank documents online can give...
How a special needs trust can support your loved one
If you have a loved one with a disability, it helps to tailor your estate plans accordingly to protect their interest and well-being long after you are gone. A special needs trust (SNT) can help you do this. An SNT works like most irrevocable trusts. It is managed by...
What is a gun trust and why is it important for estate planning?
Most people in the United States know that you typically can’t just walk into a store and purchase a firearm. Instead, you likely have to go through a background check to make that purchase. Because they’re highly regulated, firearms present a challenge when a person...
How can you avoid disinheritance disputes?
As you work on your estate plan, you realize that you have two main goals. For one thing, you’d like to eliminate disputes between your beneficiaries after you pass away. You don’t want to create long-term arguments or drive a wedge between two family members. Your...
Virginia estate planning: Good uses for a Totten trust
Estate planning can be overwhelming but is nonetheless one of the most critical tasks you may ever undertake. Incorporating simple tools like Totten trusts can make it easier to give to certain people. A Totten trust (AKA payable on death account) is merely a bank...
Key components of drafting a will
A will is the starting point of any estate plan. This legal document provides instructions on how assets should be distributed upon an individual’s death. However, a will can also carry out several other functions. To ensure that a will serves its intended purpose, it...
2 ways to update an estate plan
Making an estate plan is certainly important. But many people make the mistake of creating the plan and then neglecting to update it. The plan slowly becomes outdated and, by the time they actually pass away, there could be major issues that the family has to sort...
