If a person is granted full power of attorney, he or she can make financial or medical decisions on a Virginia resident's behalf. This may allow an agent to enter into contracts or put an end to those that the principal has previously entered into. An agent may also...
Most people are uncomfortable talking about their own mortality, but it’s important to plan for your wishes at the end of your life. If you have a spouse, children or grandchildren, having a will in place will provide for your family’s future needs and...
Unlike a trust, a will must be recorded so that somebody can be granted authority to transfer assets. This is not the case when a trust is created. That's why trusts may be better for some estate owners in Virginia. As with a will, trusts may contain instructions as...
Granting powers of attorney is a common part of the estate planning process. In some cases, however, a grantor may actually want to revoke this power. There are three distinct ways to accomplish this goal. The first is to include a termination date in the original POA...
An enduring power of attorney is a document that legally appoints a person to act on behalf of another with regard to financial or legal issues. They can be useful in situations where someone becomes ill or incapacitated or is spending an extended period of time...
The Commonwealth of Virginia, like each state in the union, has its own statutory requirements for what constitutes a valid will. A testator, the person making the will, must be a minimum age of 18 and have the proper testamentary capacity. Testamentary capacity is a...
It’s a hard subject to talk about, but planning for your death by creating a will is an important part of caring for your family. It outlines your wishes and intentions upon your death and can alleviate potential stress for those you love. With a will,...
Virginia residents should ensure that their will is regularly updated. Many life events can impact who is a potential beneficiary or heir. If individuals fail to update their last will and testament when necessary, the document may not be an accurate reflection of...
Regardless of their age, a Virginia resident could realize many benefits by creating a financial power of attorney. The individual can designate someone to take care of their finances under the conditions that they specify. Usually, a crisis, such as mental or...
A Virginia resident may find themselves in a position where they want or need to amend a power of attorney. This may be necessary if there is a need to change the name of an agent or alternate agent. The agent is the person who is granted the authority to make...
