The estate planning process is about more than writing a will or setting up trusts. It also means selecting individuals to handle important responsibilities. These individuals, known as fiduciaries, must act in the best interests of others. Their roles are central to...
Estate Planning
What happens to your online accounts when you pass?
In this day and age, we live more of our lives online than ever before, from banking and sharing memories to even building businesses and storing important documents in the cloud. However, few of us stop to think about what happens to all that when we’re gone. Digital...
What should you know about guardianships in Virginia?
There may come a day when an adult isn’t able to make decisions on their own. Some adults may have powers of attorney designations in place for people to make their health care and financial decisions. If there’s no power of attorney in place, an adult guardianship is...
When should you consider updating your will?
Life changes over time, and your will needs to reflect those changes because major events can affect your plans. Keeping your will up-to-date helps protect your loved ones and avoids confusion. What major life events are suitable occasions for updating your will?...
How does a family limited partnership reduce estate taxes?
Reducing estate taxes is a priority for many families looking to preserve wealth for future generations. A family limited partnership (FLP) can be a valuable estate planning tool, offering tax benefits while maintaining control over assets. Understanding how an FLP...
How does a QPRT work in estate planning?
A qualified personal residence trust (QPRT) is a powerful estate planning tool that helps individuals reduce the taxable value of their estate while retaining the right to live in their home. This strategy can save families significant amounts in estate taxes, making...
Reasons to change the guardian in your estate plan
Choosing a guardian for your children is one of the most important decisions you can make in your estate plan. Life circumstances change, and you may find that the person you chose before may no longer be the best fit. It is helpful to understand some reasons why you...
What estate planning steps should unmarried couples take?
Estate planning plays a crucial role in protecting loved ones and assets. Unmarried couples need to pay attention because laws favor married couples, which can leave an unmarried partner without protections. Taking proactive steps can help ensure that each partner’s...
Considerations for disinheriting family members in a will
Disinheriting a family member in a will is a major decision that no one should take lightly. It means deliberately excluding someone from receiving any part of your estate after your death. There may be valid reasons for choosing to disinherit. However, there are...
When to choose a guardian for your children in an estate plan
Choosing a guardian for your children is a crucial part of estate planning in Virginia. It's important to make this decision after careful consideration, as it can ensure your children's safety and future. If something happens to you, the right guardian can provide...
