Estate planning can feel overwhelming, even if you do not have a complex situation. You know there are rules to follow, but it can be challenging to know when they apply. Holographic wills tend to be an area where a blend of old and new guidelines combine with fiction...
3 common mistakes people make when creating a simple will
A simple will may be the best option to distribute your estate after you pass, but simple mistakes could cause unnecessary complications for your beneficiaries. As you prepare this essential legal document, avoid these three common mistakes. 1. Neglecting to create...
What can a simple will not do?
Millions of Americans have no estate plan in place. Many people believe that estate planning does not matter unless the person is older or is very wealthy. However, all adult Americans can benefit from having a will. The most simple variety of will is a “simple will,”...
How can I avoid common estate planning mistakes?
An estate plan not only protects your assets. It can also spare your family a great burden after you are gone. Accordingly, all people should have estate plans in place, regardless of age or level of wealth. According to Kiplinger, you must also take steps to avoid...
What should you know about Virginia wills?
If you think you are “too young” or “too poor” to have a will, you may wish to revise your thinking. Why? Because if you die in Virginia without a will, the state, not you, will determine who inherits from you and in what proportions. The Virginia State Bar counsels...
When is a will valid in Virginia?
When you die, the court may not recognize your wishes if they do not appear in a valid will. Each state has different laws about what makes a person's will valid. As you begin the estate planning process, review the requirements for a legal will in Virginia, even if...
Can I edit my will after I validate it?
Your relationships, financial situation and other factors may change after creating a will in Virginia. Just because a certain inheritance or estate planning decision made sense at the time you created your will does not mean that you are stuck with it. Changing your...
What happens to an estate when the deceased has no will?
From providing for the care of minor children to ensuring that financial and physical property passes easily to chosen beneficiaries, even a simple will can be a powerful legal safeguard. Unfortunately, almost half of Americans over age 55 have not created a will....
Are you storing your will in the best place?
Finishing your will puts you far ahead of most. After all, more than half of Americans have not drafted even a simple estate plan. To store your new will appropriately, you need a place that is both accessible and secure. Individuals often choose to store estate...
Avoid will contests with transparent estate planning
As the Baby Boomer generation enters retirement age, many parents of large families find reasons to revisit their estate plans. These plans contain legal and financial information concerning assets, property, liabilities, insurance, and the division of the estate. The...
