How to Appoint an Executor For Your Will

Written by Asurest on January 30, 2023. Posted in Estate Planning, Last Will & Testament.

The executor of your estate is responsible for distributing your assets, paying your debtors, and ensuring your beneficiaries receive their inheritance.

Have you ever heard the Winston Churchill quote, “He who fails to plan, plans to fail?” Failing to plan for the right person or entity to be an executor of your will after your death can lead to a long, arduous, and costly process. To best serve your estate and your beneficiaries you should appoint an executor for your will.

Young woman speaking to her grandmother about appointing an executor for her estate.

The one thing you don’t want your loved one to inherit is a headache! Appointing an executor is a detail that should not be overlooked in the process of planning a will. If you decide to not appoint an executor, the courts will appoint one on your behalf—this can be expensive and stall the process of estate settlement.

The executor’s role carries a lot of responsibility in protecting, managing, and distributing the estate assets to the named beneficiaries. In other words, you want to designate an executor you trust who is capable of intently carrying out your wishes. Thus, selecting an executor for your estate can be a difficult decision. Take time to consider a handful of candidates before deciding on one that can carry out all of the duties necessary to protect your estate.

What is an Executor?

An executor of a will is an individual selected by you, also known as the testator, to carry out the wishes laid out in your will. They will manage the estate settlement until the assets are distributed and the estate is closed. In some cases, the executor may be a corporate entity or bank, especially if there is a trust in place. But for many, the executor is someone close to the testator like a spouse, child, or close family member. You want the process of settling your estate to be as quick, cost-effective, and painless as possible.

What Responsibilities Does an Executor Have?

Executors can be subject to probate court oversight and carry many responsibilities that range from maintaining the assets while working through the estate settlement process to notifying government agencies of the testator’s passing. Here is a short list of some responsibilities that you can expect will fall under the executor’s duties:

File the will with the appropriate probate court and be available during the probate process
Notify all beneficiaries or interested parties listed in the will
Identify all of the testator’s assets
Maintain property and assets until distributed
Pay off all debtors
Pay all state and federal taxes
Distribute or transfer all remaining funds, assets, or property to the beneficiaries named in the will
Close or cancel any accounts like social security, credit cards, or subscriptions
Close the estate

How to Choose the Right Executor

Often, selecting the right person can be one of the toughest tasks in the estate planning process. This selection can be emotional and carries a lot of weight. You want to select an executor for your will who is available immediately and can manage the responsibility of starting the probate process even while dealing with their grief. The executor of an estate should be responsible, trusted, and not have any outstanding feuds with any of your beneficiaries.

The executor should be firm and direct about protecting all assets until the process is finished. Select an executor for your will who will not go against the interests of the beneficiaries or act against the provisions of the will. This process can be complex and time-consuming. Appointing someone responsible and diligent who understands that they can face legal and civil ramifications if they do not fulfill all of their duties is critical.

Appointing the Executor You Selected

If you decided on an executor to include in your will, congratulations! This is one of the hardest decisions in this process. Naming an executor is as simple as putting their name as the chosen executor in your will and giving the necessary information to the executor regarding where to find your will after you pass away. It is not required to share all of the details laid out in the will with the executor—this can stay confidential. In the event that you pass away, the named executor will file a petition with the probate court to be confirmed as the executor and start the process of closing the estate and distributing the assets—just as you laid out in your last will and testament.

Mobile Estate Planning Made Easy

Serving the Greater Richmond area and beyond, our experienced and trustworthy professionals simplify the process using clear, understandable language free of legal jargon and provide flat-rate packages, so you’re never surprised by the bill. Contact us today and rest assured that your affairs are in order and your loved ones are protected.

What is a Holographic Will?

Written by Asurest on January 30, 2023. Posted in Estate Planning, Last Will & Testament.

Should you DIY your own will and does it hold up in court? Here are answers to frequently asked questions and the pros and cons of holographic wills.

Maybe you’re planning an international vacation and you want to make sure that in the event something happens to you or your spouse, your children will be well cared for by the person of your choice. Maybe you were born into the Bezos family and want to secure your multibillion-dollar inheritance. Maybe you won the lottery and want to make sure that when you pass, a hefty sum of money goes to every animal shelter in the Northern Hemisphere. Whatever your final wishes may be, if you’ve ever wondered how to write your own last will and testament, look no further. Here’s how it works.

Writing Your Own Will: A How-To

Step 1: Take out a piece of paper and a pen or pencil. Yes, actual pen and paper.

Step 2: Write your will. It should look something like this: “I, [your name], leave my entire estate to my wife, Jane Smith.” Or, “I, Elizabeth Client, leave my estate equally to my children, Anna, Barry, and Chris.” Personalize this with your name and the names of your beneficiaries.

Step 3: Sign your will.

Voila! You (probably) have a valid will. For bonus points, write “Will” at the top so your family knows what they’re looking at. Not necessary, but a nice touch. If that feels too easy, you might have some questions right now. Let’s answer a few of them.

Couple sits down together to write their last will and testament.

What is a holographic will?

Writing out your own will and signing it yourself is called a holographic will and is typically considered valid in the state of Virginia. While this method is almost effortless and doesn’t cost you anything, it may not be the best or safest option. Aside from the important fact that the will was written by a layperson and not a lawyer or your holographic will contains unclear language or spurs uncertainty, this cheap and easy method could cost your loved ones more than just money after you’re gone.

Does a holographic will hold up in court?

A holographic will, or a will written by the testator, is typically considered valid in the state of Virginia, even without witnesses or a notary.

What if important details are missed in a holographic will?

You might also be wondering, “What about my minor children? Who’s going to watch them?” Or, “What about charitable gifts I want to make?” or “What about an Executor? Don’t I need one of those?” Or even more generally, “…isn’t there supposed to be more stuff in here?”

These are all great questions and all of this should 100% be included in a good will. The key word there is good will. This post is about writing a will. Every client is unique and every situation is a little different. So although a one-sentence will might be a valid legal document in Virginia, it’s probably not an adequate expression of your final wishes, nor can you guarantee they will be carried out.

Writing a Holographic Will: The Bottom Line

Sure you can go online and print out your own will pretty cheaply, just like you can scrawl out your last wishes in crayon on a dirty napkin if you like. To recap, the pros of a holographic will are:

A holographic will is free
A holographic will is easy
A holographic will can be made anywhere, including your local Waffle House
A holographic will has legal standing in Virginia
You can use your favorite color crayon in your holographic will

But the old adage “You get what you pay for” does ring true in this scenario when you consider the risks of a holographic will:

Holographic wills often omit important information that adversely affects your loved ones after you die
Holographic wills are not written by an experienced lawyer, leaving room for uncertainty, ambiguity, and potential inaccuracies, making your will prime for disputes, invalidity, or being contested by family members
Holographic wills often do not have witnesses to their creation, giving no proof that the testator wrote it
Holographic wills could be illegible because they are handwritten, adding more room for error

In short, your DIY will may have been free, easy, and even serve as a “valid” will. But probably what you want more than a piece of paper that says “will” on it, is the peace of mind of knowing you’re providing an ironclad plan for your loved ones after you’re gone. More than just a document, you want a plan that provides guidance and comfort to your family, so they know what your wishes are and so they can honor you by upholding them. Your loved ones are going to be stressed and overwhelmed and grieving at your loss—and one of the last new memories they have of you could either be finding a crumpled piece of paper stuffed in the back of a drawer with your hastily-written instructions on it, or finding a clear plan, crafted with the help of a professional and stored among your important documents, showing that you took the time to provide guidance and direction to your loved ones at a time when they needed it most.

It is important to ensure that your or your loved one’s final wishes are respected, and in certain situations, a holographic will may be the only option, but given the potential concerns of ambiguity, errors, and critical omissions, a formal will prepared with an estate lawyer’s advice will be far superior to—and protect you more than—a holographic will.

Mobile Estate Planning Made Easy

The process of getting a legitimate will in place for you and your family can be overwhelming, confusing, and costly, but it doesn’t have to be! At Assurest, we offer simple, affordable solutions for your legal needs and make the process easy by coming to you for the conversation—meeting you in your home or, if you prefer, virtually or over the phone.

Serving Richmond, Virginia and beyond, our experienced and trustworthy professionals simplify the process using clear, understandable language free of legal jargon and provide flat-rate packages, so you’re never surprised by the bill. Contact us today and rest assured that your affairs are in order and your loved ones are protected.

Estate Planner in Richmond VA Servicing A Client in Home

Easy Estate Planning Checklist

Written by Asurest on January 23, 2023. Posted in Estate Planning.

Take these 6 important steps to prepare your estate plan to protect your assets and loved ones in the future.

Many people have the assumption that an estate plan is associated with wealth. Don’t let the word “estate” fool you into thinking estate planning is only for the ultra-wealthy—an estate plan is for everyone. Your estate includes everything from property assets to your dropbox full of photos of your kids. The planning portion of an estate plan is created to cover all of your bases—from death to a disability, or even becoming incapacitated.

While these scenarios aren’t enjoyable things to think about, planning for them is one of the most selfless things you can do. Putting in this work proactively will protect you, your assets, and your loved ones. Use this estate planning checklist to make sure you have all your ducks in a row and can rest assured that your assets—and loved ones—are protected.

What is an Estate Plan?

An estate plan is a collection of documents and instructions regarding all of the details pertaining to the who, when, and how of your assets. This includes your last will and testament, power of attorney, and your plans for caring for dependents— making it easy for your loved ones to know how to handle your affairs when you no longer can.

Planning for your estate can feel like a daunting task and it will take some careful consideration but the best way to tackle it is to jump right in and start somewhere. This is not an exhaustive list, and it is always recommended to consult with an estate planning attorney to ensure your estate plan is ironclad, but it will help get you started with a solid foundation.

6-Step Estate Planning Checklist

Take Inventory of Your Assets: Grab your laptop and start making a list of your assets. There are many categories of assets so take time in each category and write down everything you can think of, even if it doesn’t seem like it has much value. Don’t forget to consider the following:

Physical assets can include homes, property, cars, boats, recreational vehicles, family heirlooms, collections, and belongings.
Monetary assets can include checking and savings accounts, health savings accounts, retirement accounts, mutual funds, and life insurance policies.
Digital assets can include digital investments, crypto wallets, digital files, photo galleries, and videos.

Create a Will: If you completed step one, congratulations! You will list those assets in your will and name the beneficiaries who will inherit those assets. You will also name an executor to carry out your will. This is where you will spell out your last will and testament—your final wishes. In most cases, your will needs to be signed by you, and two witnesses and must be notarized. Otherwise, the state might have other benchmarks that need to be met before the will is considered valid.

Gather Your Documents: If the thought of gathering and filing a bunch of paperwork feels stressful, start with this task:every time you access an account write down your username, password, and your security questions and answers down on a piece of paper. One thing people don’t consider is that if they die it will be very difficult for their executor, beneficiaries, or loved ones to access places where they might be storing important documents—like email, cloud files, or dropbox.

When you finish that task, move on to something a little more challenging like gathering documents that already exist. This can include your recent tax returns, investment statements, healthcare power of attorney, durable financial power of attorney, insurance policies, and your last will and testament naming your beneficiaries and executor.

Set up Guardianship for Dependants: If you have children or pets you will need to decide who will have legal guardianship over them and who will manage their inheritance and assets until they become old enough to take it over. If you do not name someone capable of these tasks, the court may decide for you.

Power of Attorney: There are many reasons you might need a power of attorney (POA) and each reason functions with its purpose. You will likely need multiple power of attorney documents to cover all of the possibilities. A POA gives a trusted person who you select the ability to make decisions on your behalf if you can not. A Durable Power of Attorney for Healthcare will allow your agent, the person you select, to step in when major medical decisions need to be made and you may not be able to make them. Without a power of attorney, you risk probate court assigning a conservator on your behalf. A Financial Power of Attorney allows your agent to pay bills, make bank deposits, or collect insurance benefits.

Update Your Estate Plan Regularly: It is wise to update your estate plan any time you have a major life event like a job change, major move, marriage/divorce, or the birth of a child. If you have gone longer than 12 months without considering your estate plan it might be a good idea to give it a once-over and update things like user names and passwords, new assets, or any changes regarding your last will and testament.

Mobile Estate Planning Made Easy

How to Discuss Estate Planning with your Parents

Written by Asurest on January 23, 2023. Posted in Estate Planning.

Do you know your parents’ last wishes? Here are 5 tips for initiating the often difficult estate planning conversation with your parents.

Nobody enjoys awkward or uncomfortable conversations, especially if the discussion revolves around what happens after your parents die.

For the vast majority of adult children, discussions about your parent’s estate only happen after significant injury or illness occurs, if at all. Avoiding a potentially difficult and awkward conversation unless absolutely necessary is natural, but waiting until an event forces your hand means having the conversation under stressful conditions which isn’t ideal. What’s worse, having the conversation after an event that limits their mental capacity such as a stroke means an added layer of complexity and risk. Being proactive in your estate planning discussion with your parents allows you to initiate the conversation under smoother, more convenient circumstances.

Here are some tips from an estate planning expert on getting those conversations started.

5 Tips for Discussing Estate Planning With Your Parents

Start with a compelling lead-in to the conversation. Approaching end-of-life discussions with parents can be challenging and uncomfortable. However, clients often report that just starting the conversation is the hardest part. Begin the discussion using your got-me-thinking gateway—or, in other words, a sequence of thoughts or an event that spurred you to have the discussion with them. This could be a recent life event such as a friend dealing with declining health. Perhaps you saw a movie or television show where the contents of a will were discussed and it made you consider your family’s personal situation and want them to feel confident and prepared. You could even reference this very blog post as a way to open the door to the estate planning discussion. Whatever got you thinking about your parents’ end-of-life plans in the first place, leverage that curiosity as your own conversation starter.
Use “I”, not “you”, statements. It is not uncommon for parents to react defensively or shut down altogether when the topic of estate planning is broached. After all, the idea of discussing what happens after you die isn’t a comfortable subject for most people. In your approach, be mindful of how you state your intentions. Avoid ‘you’ statements like, “You should be thinking about this”, or “You need to prioritize these matters.” Statements crafted this way may seem pushy and convey unintended judgment that prevents a productive discussion from ensuring. Instead, use “I” statements like, “I would feel honored knowing…” or “I want to be better prepared to support you.”. “I” statements convey humility while acknowledging that the parents are still in charge of their own affairs, making them more apt to continue the discussion and collaborate to execute a plan.
Respect the role reversal. Over time, the traditional parent-child role shifts. Aging parents may be reluctant to discuss their financial security, or lack thereof, with their adult children. Be understanding if parents feel more comfortable consulting with a neutral third party, since, after all, the goal is to get their affairs in order. Offer praise and support for any willingness to participate and reinforce their engagement in discussions.
Try to stay objective. Discussing end-of-life arrangements is often an emotional undertaking for all involved. Try to remain objective in your support and avoid asking about any personal inheritance you may receive. Instead of asking them to disclose specific numbers, ask for general information about who their creditors are, where their accounts are kept, and which individuals they wish to handle their affairs.
Plan for follow-up conversations. After that first conversation, no matter how much ground is covered, decide when you’ll revisit the topic again together. Set a date so the expectation and next steps are clear to all those involved. Follow up on any identified need to update their documentation and reach out to them often to ensure continuity and progress.

Securing a loved one’s legacy begins with one initial conversation. An estate planning professional can help you embrace that challenge and support your efforts in proactively getting a dialogue started with those you love most.

Mobile Estate Planning Made Easy

The process of getting a legitimate will in place for you and your family can be overwhelming, confusing, and costly, but it doesn’t have to be! At Asurest, we offer simple, affordable solutions for your legal needs and make the process easy by coming to you for the conversation—meeting you in your home or, if you prefer, over Zoom or telephone.

Serving clients throughout Virginia, our experienced and trustworthy professionals simplify the process using clear, understandable language free of legal jargon and provide flat-rate packages, so you’re never surprised by the bill. Contact us today and rest assured that your affairs are in order and your loved ones are protected.