There are many ways for a person to structure their estate plan. Sometimes a Last Will and Testament is sufficient, other times, a Revocable Living Trust is required to ensure that assets are divided pursuant to a person’s intent. Regardless of which estate planning vehicle is used in your plan, there is the opportunity for a transfer-on-death deed (TOD deed) to be a part of your estate plan. Though the TOD deed is Read More
Can a person with Alzheimer’s change their will?
Testamentary intent is an important component of a testator’s will. Typically, a testator must be “of sound mind” to create a valid will. Many clients want to know if a person with Alzheimer's can change their will. Oftentimes, wills are amended through documents known as codicils. An individual may still be of sound mind even if they suffer from Alzheimer’s or dementia. Therefore, a person with Alzheimer’s or Read More
Estate Planning, Capacity Issues, & Your Parents
Estate planning is critical in terms of protecting assets and ensuring your wishes are carried out. Although you may be an adult that has a plan in place, do your parents? The older a person is before getting a plan in place, the greater the risk that they will not have the capacity to sign their own documents. Not having estate planning documents can negatively impact both themselves and the individuals who step up Read More
If my spouse dies what happens to our jointly-owned property?
Virginia permits spouses to hold property in a number of ways, some of which offer additional creditor protections unique to married couples. However, regardless of how the property is titled during the lifetime of the married couple and the additional protections it may afford, how property is handled when one spouse dies depends on several factors. Continue reading to learn more about the different ways in which Read More
What happens when someone dies without a will?
Settling the estate of a loved one after they pass away is complicated and emotional, even when they have a will. For families whose loved one dies without a will, the probate process and allocating their assets becomes even more complex.Dying without a willA will outlines how you want your assets distributed upon your death, names the individual who will handle your estate, and elect a guardian for your minor Read More
What is a revocable trust?
You’ve worked hard to build a secure financial future. Unexpected events can put that security at risk, so it’s important to have a plan in place that will help protect your assets and ensure their distribution according to your wishes. One way to do this is with a revocable trust. A revocable trust, also known as a living trust, is a valuable estate planning tool that provides greater flexibility and control during Read More
Incapacity Planning and the Revocable Living Trust
The revocable living trust, sometimes called a living trust, has many attractive qualities that make it a powerful estate planning tool. One of these attributes is the ability to offer you incapacity protection over the assets that are placed into your trust during your lifetime. Incapacity planning is planning that is done so that if you fall under an illness or other disability where you can no longer manage your Read More
Does my will automatically update if I have a child?
Having a child brings many changes to your life, including your estate planning needs. When you have a child — whether it's your first or your third — it's important to review your will and make sure that it reflects your current wishes. Your will won't automatically update if you have a child, and it's up to you to make the necessary changes.If your family is expanding, one of our skilled attorneys can help you Read More
Is your will valid if you move to another state?
Moving to a new state can be a logistical nightmare. Anything from your vehicle registration to your voter registration may be no longer valid in your new state, and it can feel like you’re starting from scratch. Fortunately, this trend might not apply to your will. When you move to a new state, your will generally remains valid so long as certain conditions are met. However, there are a few considerations to keep Read More
What is a pour-over will?
When thinking of estate plans, most people think of wills, trusts, and powers of attorney, however, there are several documents that comprise a complete estate plan. There are different types of trusts and wills, and sometimes the use of one type of will, such as a living trust, will trigger the recommendation that you utilize an additional instrument such as a pour-over will.At Select Law Partners PLLC, we’re Read More
