(757) 552-6055Irrevocable Trust Agreements are generally established by individuals seeking to transfer assets out of their individual names and to ownership by an Irrevocable Trust for a myriad of reasons. For example, those reasons may be for income tax planning purposes; to hold funds for the benefit of certain beneficiaries (such as minor children or children […]
Law Blog
The Differences Between a Trust and a Last Will and Testament
Most people have heard the terms “trust” and “will” but cannot always define the differences. The two documents serve different purposes but can work together to create a complete estate plan. A will is governed by probate law. A trust is governed by contract law. Each document has its advantages and disadvantages. So when exactly do you need […]
Problems with Do It Yourself Estate Planning
It may appear to be cheaper to go the route of preparing diy estate planning documents, but mistakes in those documents could be very costly to your heirs and have unintended results. Common Mistakes With DIY Estate Planning Unintended Disinheritance Failing to understand the distinction between probate and non-probate assets may result in leaving your assets […]
What Are Your Rights as the Surviving Heir to an Estate?
After the death of a family member, their heirs may have many questions about their rights. Several factors influence heir rights, but it is important to understand your legal position. Heir to Estate Rights in Virginia Dying Intestate If your family member died without a will, then the decedent’s property will pass under the laws […]
Five Estate Planning Mistakes to Avoid
Estate planning is sometimes the last thing on your mind, but taking time to consider what will happen to you and your assets in the event of your disability or death is essential. The following is a list of common mistakes that people make regarding their estate plan: Don’t wait until it is too late! Avoid […]
Preparing for Estate Planning
Every individual, regardless of their financial worth, should have a proper estate plan. An estate plan, in general, consists of: Careful thought should be given to entering into these documents. In the case of a Will or Trust, you must decide whom you want to benefit from your financial estate. Beneficiaries may include family members, […]
