When someone is considering putting an estate plan in place, people sometimes focus only on death planning or only on documents to assist with the care or management of a loved one’s assets during their lifetime. It is important that both types of planning are included in your estate plan. Important documents for lifetime planning are well-drafted powers of attorney. This legal tool allows another person to make Read More
How Old Should Your Child Be To Inherit Assets?
There are several invaluable reasons to create a trust, especially if you have young children. After an estate planning attorney has established a trust, you can place your assets, money, and property inside it. By doing this, you are funding the trust. When you pass away, a trustee distributes these assets per your instructions. If you have a young child, you can choose when and how they inherit the contents of the Read More
Ending 3 Common Myths About Revocable Trusts
There are many myths about trusts including what they are for and who should use them. Most commonly, it is believed that trusts are only for wealthy individuals or families. This misconception results in too many people missing out on the many benefits of revocable trust planning including probate avoidance, privacy, and creditor protection for their beneficiaries. In addition to this myth, this post explores three Read More
An Overlooked Element Of Estate Planning: Pet Trusts
When people hear the term “pet trust,” they may think that it is not possible to create such a trust or that a pet trust is only for extremely wealthy people with very lucky pets. In reality, pet trusts do exist and they are an important tool for every pet owner for both incapacity and death planning. They exist because there is a need to address who will care for your pet if you cannot do so. A pet trust can provide Read More
Preparing For The Unknown: Incapacity Planning
Estate planning offers more than you may realize. Experienced attorneys will provide you with various ways to protect your assets while ensuring that your chosen beneficiaries receive them. An overlooked and essential element is that when you create one, you can be prepared for the uncertainties of the future. Everyone is exposed to the risk of being incapacitated. People who must undergo complicated or relatively Read More
Estate Planning Goes Beyond Wealth & Assets
People may dismiss the idea of creating an estate plan because they aren’t wealthy or elderly. People who choose to believe that might be underestimating what an estate plan is capable of. For example, young couples may meet with an estate planning attorney because they have chosen a guardian for their child if they should pass away unexpectedly. An experienced attorney can walk you through ways to even plan for Read More
Common Challenges to Virginia Wills
A last will and testament is an important part of any estate plan. But it’s only good so much as it is properly drafted and in compliance with the law. When they aren’t drafted properly, issues can easily arise. Here, we discuss some of the common challenges wills in Virginia face due to poor will preparation and execution. Common Challenges to Virginia Wills Though there are many reasons why a poorly drafted will Read More
What are the Benefits of Establishing a Trust?
When it comes to creating an estate plan in Virginia, there are many different options for how to distribute assets after your passing. One option that is growing in popularity is to establish a trust, which comes with many benefits both while a person is alive and for their beneficiaries after their death. If you are curious to learn more about the benefits of establishing a trust for your estate in the Read More
How to Write a Will in Virginia
Making the decision to write a will and establish an estate plan can benefit you and your loved ones. However, there are rules in Virginia that dictate how to write a valid will. At Select Law Partners, PLLC our team of dedicated legal professionals has significant experience assisting clients draft and revise their wills, and we are prepared to provide top-tier legal advice in your case. To learn more about how to Read More
Why You Need an Experienced Estate Planning Attorney
With so many options out there today, many people wonder whether they need an experienced estate planning attorney to help draft or revise their will, power of attorney, and other important estate planning documents. However, many people do not realize how complex and intricate the area of estate planning law can be in Virginia and North Carolina, and one mistake can result in significant unintended consequences for Read More
