Consider this story. Beth’s divorce from her husband was recently finalized. Her most valuable assets are her retirement plan at work and her life insurance policy. She updated the beneficiary designations on both to be her two minor children. She did not want her ex-husband to receive the money. Beth passes
Powers of attorney ordinarily form an important part of a comprehensive estate plan, whether in the form of an Durable General Power of Attorney or an Advance Medical Directive. Virginia adopted the Uniform Power of Attorney Act, effective July 1, 2010. Read the text of the Act here: https://law.justia.com/codes/virginia…
Most people understand that having some sort of an estate plan is, as Martha Stewart would say, a “good thing.” However, many of us don’t take the steps to get that estate plan in place because we don’t understand the nuances between wills and trusts – and dying without either. Here’s
When planning their estate, most parents express the desire to treat their children equally out of a sense of fairness. However, sometimes being fair or doing what’s right by your children may not mean equal or the same inheritances. The Key Takeaways Treating children fairly does not always mean equal inheritances.
Payable on death accounts, or “POD accounts” for short, have become popular for avoiding probate in the last decade or so. What is a POD Account? A POD account is a type of bank account authorized by state law which allows the account owner to designate one or more beneficiaries to receive