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Help With A Final Will And Legal Trust In Richmond

Written by Asurest on . Posted in Last Will & Testament, Legal Trusts. No Comments on Help With A Final Will And Legal Trust In Richmond

When it comes to getting your affairs in order and ensuring that your final wishes are carried out, creating a final will and legal trust is essential. However, navigating the legal complexities of estate planning can be overwhelming, and you may be wondering which type of professional can best assist you.

First and foremost, an estate planning attorney is a great choice. These legal professionals specialize in creating estate plans and can help you navigate the legal complexities of creating a final will and legal trust. They can also offer guidance on tax planning and asset protection, ensuring that your estate is distributed according to your wishes while minimizing the tax burden on your beneficiaries.

Overall, working with an estate planning attorney is an excellent way to ensure that your final wishes are carried out and that your estate is protected.

Estate Planning Attorney

You’ll want to reach out to an estate planning attorney in Richmond, VA for expert advice on creating your will and trust. These professionals specialize in the legalities surrounding estate planning and can help guide you through the process to ensure all of your wishes are documented and carried out as intended.

One of the benefits of hiring an estate planning attorney in Richmond VA is that they can help you avoid common mistakes about estate planning. Many people believe that simply having a will is enough to ensure their assets are distributed as they wish, but an estate planning attorney can help you understand the complexities of the process and ensure your estate plan is comprehensive and legally binding.

With their expertise, you can have peace of mind knowing that your final wishes will be carried out exactly as you intended.

Financial Advisor

A suitable option for managing your financial and monetary affairs in Richmond, VA would be to consult with a financial advisor. While an estate planning attorney can help you draft a will and legal trust, a financial advisor can provide valuable insight into the financial implications of your decisions.

Financial planners can help you understand how your assets will be distributed, and advise you on tax-efficient strategies to maximize your legacy. Working with a financial advisor can also help you make more informed decisions when choosing beneficiaries and trustees.

Financial professionals can also provide guidance on how to allocate your assets in a way that aligns with your values and goals, and help you develop a plan for ongoing management of your estate. When choosing a financial advisor for your estate plan, it’s important to look for someone with experience in this area, as well as a track record of success working with clients. However, remember at all times that past performance does not dictate future success.

Financial advisors and planners should be able to explain their approach clearly and be willing to work collaboratively with your other advisors, such as your attorney or accountant.

Certified Public Accountant (CPA)

If you’re looking for someone to provide expert guidance on tax planning and financial management for your estate, a CPA could be a great resource to consider. A Certified Public Accountant has extensive knowledge of tax laws and regulations, which can help you navigate the tax implications of creating a final will and legal trust. A CPA can also provide advice on financial planning, including strategies to minimize tax liabilities and maximize your estate’s value.

To give you an idea of what a CPA can do for you, here’s a table that outlines some of their key services:

Service Description Benefit
Tax planning Develop strategies to minimize tax liabilities Save money on taxes
Estate planning Structure your estate to minimize taxes and distribute assets according to your wishes Ensure your estate is handled according to your wishes
Financial management Manage your finances to achieve your goals Maximize your estate’s value

With a CPA on your team, you can feel confident that your final will and legal trust will be structured in a way that minimizes tax liabilities and maximizes your estate’s value. Their knowledge of tax laws and regulations can help you make informed decisions about your estate, ensuring that your wishes are carried out in the most efficient manner possible.

Trust Officer

Don’t miss out on the benefits of having a Trust Officer on your team to manage any trust assets and ensure those assets are distributed according to your wishes. A Trust Officer is a professional who is responsible for managing trusts, overseeing the distribution of assets, and ensuring that all legal requirements are met. They have an in-depth understanding of estate planning and tax laws, which allows them to provide valuable guidance and support to their clients.

The Role and Responsibilities of a Trust Officer are vast. They work closely with their clients to identify their needs and objectives, and then develop a tailored plan to achieve those goals. They are responsible for managing investments, coordinating with other professionals such as attorneys and accountants, and providing ongoing support to their clients.

However, it’s important to note that while a Trust Officer can provide valuable guidance and support, they do come with benefits and drawbacks. Trust Officers may not have as intimate an understanding of your family and their specific needs as you do, although in many cases that’s exactly their benefit. Sometimes you need a neutral party without an understanding of your family history to make fair and impartial decisions. It’s important to weigh these options carefully to determine if a Trust Officer is the right choice for you.

Probate Attorney

You’ll benefit from having a Probate Attorney on your team to ensure proper distribution of your estate and adherence to legal requirements. Probate is the process of administering a deceased person’s (also known as a “decedent”) estate, including distributing assets and paying off debts. It can be a complicated and lengthy process, and having a knowledgeable attorney by your side can make all the difference.

One of the most significant benefits of working with a probate attorney is their expertise in navigating the legal system. They can guide you through the entire probate process, ensuring everything is done correctly and on time. They can also help you avoid common mistakes that may lead to legal disputes, delays, excessive fees, or fines, saving you time and money in the long run. Finding the right probate attorney for your needs is essential, as they will be responsible for handling your estate and ensuring your final wishes are carried out. It’s recommended to do your research and choose an attorney with experience in probate law and a good track record of success. With their help, you can have peace of mind knowing your estate will be in good hands.

Certified Trust and Financial Advisor (CTFA)

While a probate attorney can certainly help with the legal aspects of creating a final will and trust, it’s important to also consider the financial and investment aspects. This is where a Certified Trust and Financial Advisor (CTFA) can be invaluable.

As someone who has experience in both finance and estate planning, a CTFA can provide a well-rounded approach to administering your final will and trust. One of the main benefits of working with a CTFA is their expertise in financial planning. They can help you create a plan that not only ensures your assets are distributed according to your wishes, but also takes into account tax implications and long-term financial goals.

However, it’s important to note that not all CTFA’s are created equal. It’s important to do your research and find a qualified CTFA who has the necessary experience and credentials to best serve your needs. When comparing CTFA’s to other professionals for estate planning, it’s important to consider the breadth of their knowledge and experience in both finance and estate planning.

A CTFA can provide a comprehensive approach that takes into account both legal and financial aspects, setting you up for greater peace of mind in the future.

Conclusion

Overall, the process of creating and administering a final will and legal trust can be overwhelming, so it’s important to seek the guidance of professionals to ensure your wishes are carried out properly.

As we’ve seen, there are a variety of professionals available to assist with different aspects of estate planning. An estate planning attorney can provide legal expertise, while a financial advisor can offer guidance on investment and retirement planning. A CPA can assist with tax planning, and a trust officer can help manage a trust.

It’s important to find the right professional for your specific needs and work closely with them to create a comprehensive plan that reflects your wishes and protects your assets. With the help of these professionals, you can have peace of mind knowing that your final wishes will be carried out properly, and your loved ones will be taken care of after you’re gone.

Don’t wait until it’s too late – start planning for your future today.

How Much Should A Richmond Final Will Or Legal Trust Cost?

Written by Asurest on . Posted in Last Will & Testament, Legal Trusts. No Comments on How Much Should A Richmond Final Will Or Legal Trust Cost?

We understand the importance of creating a final will or legal trust to ensure that your assets and property are distributed according to your wishes and to protect your loved ones from any legal disputes. I also understand the confusion and uncertainty surrounding the cost of creating a final will or trust.

That’s why we are here to help. We can provide you with the information you need to make an informed decision about the cost of estate planning. We will explore the factors that affect the cost of estate planning, compare the cost of online templates versus hiring an estate planning attorney, and provide an average cost for creating a final will or legal trust in Richmond.

We will also discuss ways to save money on estate planning and emphasize the importance of planning for the future with a final will or legal trust.

Factors that Affect the Cost of Creating a Will or Trust

You’ll want to consider some key factors that can impact the price of putting together your will or trust.

The first factor is the legal fees charged by the attorney who will be drafting your final will or legal trust. The complexity of your estate plan will also impact the cost, as more complex plans will require more time and expertise from the attorney.

Another factor to consider is your individual needs. For example, if you have a large estate with multiple beneficiaries, your will or trust is likely to be more complex and therefore more expensive to create. Similarly, if you have unique circumstances such as a blended family or a special needs child, your estate plan may require more customization, which can also increase the cost.

It’s important to discuss your individual needs with your attorney and to be upfront about your budget so that they can provide you with an accurate estimate of the cost.

Online Templates vs. Estate Planning Attorney

We are also familiar with the process of using templates and have found that using them has its pros and cons. While it’s cheaper, it may not provide the level of customization and legal advice that an attorney can give.

On the other hand, hiring an attorney may come at a higher cost, but the benefits include personalized advice and assurance that my documents are legally sound.

Pros and Cons of Using Templates

Using templates for your legal documents may have advantages and disadvantages that you should consider. While online templates can be a cost-effective solution for creating a will or trust, they may not offer the customization options that an estate planning attorney can provide.

Templates are designed to be a one-size-fits-all solution, and may not take into account the unique circumstances and needs of your individual situation. Additionally, there are limitations to using templates that should be considered.

Templates may not be up-to-date with the latest laws and regulations, which could lead to unintended consequences or invalidation of the document. Furthermore, templates may not adequately address complex legal issues or provide the level of detail needed to ensure that your wishes are carried out as intended.

Ultimately, while templates can be a useful tool for creating basic legal documents, it is important to weigh the advantages and disadvantages and determine whether the limitations of templates are outweighed by their cost-effectiveness for your own sake

Benefits of Hiring an Attorney

Hiring an attorney can provide you with the peace of mind that comes from knowing that your estate plan is being handled by an experienced professional. While templates and DIY options may seem cost-effective at first glance, they often leave out important legal requirements and can lead to costly mistakes down the road.

An attorney can help you navigate complex legal issues and ensure that your assets are distributed according to your wishes. In addition to avoiding costly errors, hiring an attorney can also be cost-effective in the long run.

A well-crafted estate plan can help minimize estate taxes and avoid probate, which can save your loved one’s time and money in the future. Furthermore, an attorney can provide ongoing support and guidance as your circumstances change, ensuring that your estate plan remains up-to-date and effective.

Don’t let the initial cost of hiring an attorney deter you from securing your family’s future – the peace of mind that comes from a professionally crafted estate plan is priceless.

Average Cost of a Richmond Final Will

Discover the typical expense for securing your legacy with a professionally drafted final will in Richmond. The cost of a final will can vary depending on several cost factors, such as the complexity of your estate, the size of your assets, and the experience of the attorney you hire.

However, the local pricing in Richmond for a final will can range from $300 to $1,500 or more depending on the additional documents your situation requires. It’s important to keep in mind that the cost of a final will is a small price to pay compared to the potential financial and emotional consequences of not having one in place.

When considering the cost of a final will, it’s important to remember that the investment will provide peace of mind and security for both you and your loved ones. It’s also important to work with an experienced attorney who can guide you through the process and ensure that your final will is legally binding and accurately reflects your wishes.

In the end, the cost of a final will is a small price to pay for the protection and security it provides for you and your loved ones.

Average Cost of a Richmond Legal Trust

In my previous subtopic, I discussed the average cost of a Richmond final will. Now, let’s talk about the average cost of a Richmond legal trust. A trust is a legal document that allows you to control how your assets are distributed after your death. Many people choose to create a trust as part of their estate plan to ensure that their assets are distributed according to their wishes. However, just like with a final will, the cost of creating a legal trust can vary depending on several factors.

To give you an idea of the cost comparison between a final will and a legal trust, I’ve created a table below. This table compares the average cost of each and highlights some of the factors that can affect the cost. Keep in mind that the cost of creating a legal trust can be significantly higher than the cost of creating a final will due to the added complexity of the document. However, there are also DIY options available for those who want to save money.

Factors Average Cost of a Final Will Average Cost of a Legal Trust
Attorney Fees $250-$500 $1,000-$3,000
Complexity Simple Complex
Probate Required Avoided
Assets Few Many
DIY Options Available Limited

As you can see from the table, the average cost of a legal trust can be significantly higher than the cost of a final will. However, it’s important to consider the added benefits of a legal trust, such as avoiding probate and ensuring that your assets are distributed according to your wishes.

If you’re considering creating a legal trust, it’s essential to consult with an attorney who specializes in estate planning to ensure that your document is legally valid and tailored to your specific needs.

Ways to Save Money on Estate Planning

Looking to save some cash on your estate planning? Check out these money-saving tips!

First, consider DIY options. While it may seem intimidating at first, there are many resources available online to help you create a basic will or trust on your own. Just make sure to do your research and understand the legal requirements in your state before finalizing any documents.

Another way to save money on estate planning is by consulting with a professional. While hiring a lawyer can be costly, there are other options available. Some law firms offer free consultations or reduced rates for certain services.

By doing some research and shopping around, you may be able to find a knowledgeable professional who can help you create a comprehensive estate plan without breaking the bank.

Importance of Planning for the Future with a Final Will or Legal Trust

Don’t wait until it’s too late to ensure your loved ones are taken care of – create an estate plan today to give yourself peace of mind for the future. The importance of planning for the future with a final will or legal trust cannot be overstated.

Life is unpredictable, and it is essential to have a plan in place to ensure that your assets are distributed according to your wishes. Preparation is key when it comes to estate planning.

Creating a final will or legal trust may seem like a daunting task, but it is an essential step in protecting your assets and ensuring that your loved ones are provided for. By taking the time to plan for your future, you can rest easy knowing that your wishes will be carried out and your loved ones will be taken care of.

So, don’t hesitate any longer – start planning for the future today.

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Don’t Make These 5 Mistakes in Your Estate Plan

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

When it comes to your estate plan, procrastination, outdated documents, forgetting end-of-life care, and tax implications can cost you (and your loved ones). 

If you think there’s always tomorrow to put together an estate plan, this could cost you and your loved ones in a big way. While many put off estate planning because they think they’re too young, don’t own enough assets, can always “worry about it later,” or think they can’t afford to pay a qualified professional to put an estate plan together for them, not protecting your interests, assets, and loved ones in the event you pass away can wreak havoc on your family long after you’re gone. 

Here are some of the most common mistakes people make when formulating their estate plans. You may want to learn from their mistakes. 

Don’t Make These Mistakes in Your Estate Plan 

  1. Procrastination. Easily the biggest estate planning pitfall of all is procrastinating on putting together your estate plan. A common misconception is only elderly people need wills, but the truth is, we never know what a day could bring forth and ensuring your loved ones are protected should be top of mind. Not having an estate plan in place can lead to a stressful, costly, and lengthy probate process for your family members where a judge who doesn’t know you from Adam has the authority to decide what happens to your assets or minor children. While considering your own death is not an enjoyable experience, getting your estate plan solidified with a qualified professional can ease your mind, protect your assets, and ensure your loved ones are protected. Don’t wait.
  2. Going the DIY route with your estate plan. You may be able to sidestep attorney fees by printing a DIY will from sites like LegalZoom, but you may also want to consider the ramifications of a Google estate plan versus working with a qualified professional. Going the DIY route may save you money now, but your loved ones may suffer emotionally and financially if the documentation is not ironclad or doesn’t hold up in court. Worse, DIY estate plans and living wills are often subject to scrutiny or claims of invalidity.
  3. Outdated documents. Another misconception in estate planning is that the process is a one-and-done. However, your estate plan may require updating several times throughout your life; for example, getting married, divorced, remarried, or purchasing new property are all reasons to revisit your estate plan and make necessary changes. Thus, it is critical to keep your documents up to date and revisit your estate plan as often as needed.
  4. Making children joint owners of your assets. While it may be tempting to make your children joint owners of your assets, the implications of doing this may give you pause. Making children joint owners of your assets gives their creditors access to your investments. And while you may have the most responsible and financially literate children in the world, the future is unpredictable. They could have a business unexpectedly go under or in a costly vehicle accident. For a bulletproof estate plan, it is recommended to instead name your child as a power of attorney and as a payable-on-death beneficiary to your bank or brokerage accounts.
  5. Failing to plan for end-of-life care. Many people equate estate planning with leaving assets to an heir, forgetting that end-of-life preferences are a critical piece of every estate plan. Failing to plan for end-of-life care and outlining your final wishes should you become unable to express your wishes yourself can mean leaving these important decisions in the hands of your loved ones or the court. Verbally expressing your wishes to your loved ones is important, too, but if the information is not outlined in an advance medical directive, you have no way of knowing your preferences will be carried out. Thus, including an advance medical directive in your estate plan can create clarity around your end-of-life healthcare preferences and decisions.

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 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.

Father and son sitting on front steps of the house reading about the importance of having a will

Plan Your Future Now: Understand the Importance of a Will

Written by Asurest on . Posted in Last Will & Testament.

Wills are not just for the elderly or wealthy; it’s a tool to protect everyday people. Learn about the structure of a will and why you need one.

We hear it all the time–do I really need a will? The short answer is, yes, you need a will! We get it, this task is probably not at the top of your to-do list. You have to set aside time to gather essential documents, rehash old family wounds, or contemplate what life might be like when you are gone. For many, that is uncomfortable. But proper, proactive planning allows you to easily protect your assets and explain how you want your family to manage your estate after you pass away.

Here is how wills are typically structured and why having a will is critical.

How is a Will Structured?

A will is not only for naming assets. It serves a more significant role in creating a structure that will make the probate process easier for the family member or friend tasked with closing out your estate and distributing the assets left. 

  1. Appointment of an executor: An executor is responsible for carrying out the instructions in the will and distributing the assets to the beneficiaries.
  2. Beneficiaries: A will typically specifies who will receive the assets and property and in what proportions. This can include family members, friends, and charitable organizations.
  3. Guardianship of minor children: If the testator has children who are minors, a will can name a guardian to care for them if both parents pass away.
  4. Funeral and burial arrangements: A will may include instructions regarding the testator’s wishes for their funeral, burial, or cremation.
  5. Debts and taxes: A will can provide instructions for how the testator’s debts and taxes should be paid from the estate.
  6. Personal property: A will can specify how the testator’s personal property, such as jewelry, art, or other sentimental items, should be distributed.

Do I Need a Will if I Don’t Have a Ton of Assets?

Some people think they don’t need a will because they don’t own a significant number of assets. The reality is that you own more than you think, and when you die, everything that you have in your name that you pay money to or own will need to be managed and closed out through a probate process. 

All of your assets (big or small) and your debts will be combined to make up your estate and will go through the probate process. For most people, this is unavoidable, but it can be made easier with a will and by naming an executor so the court doesn’t decide for you.

Here are common assets that can be included in your will:

  • Checking and Savings Accounts: If you do not have a joint owner on your account or a named beneficiary, it is important to name an executor. This allows them to pay your creditors, you can save them a lot of work by naming them in your will than having the court decide.
  • Vehicles: Your vehicle is considered an asset and personal property.
  • Furniture and Personal Belongings: Everything you own must be given away, sold or thrown away. If you have sentimental items, photos, critical documents, electronics, digital files, or family heirlooms, this is an excellent place to list out who will receive each item.
  • Settlements: If you are in the middle of a settlement, there might be a right to proceed with your claim that will pass to your estate.

What Happens if I Die Without a Will?

Dying without a will is called dying “intestate”. The consequences of dying without a will vary depending on the laws of the state in which the person lived and the deceased’s owned property. In most cases, you will have no control over the distribution of your assets, and the probate process can be long and costly, which can subtract from what is left of your assets and put unnecessary stress and financial strain on your loved ones.

Dying without a will is a surefire way to add a sting to the throes of grief. Clear communication can help ease tensions and allow your family to focus on moving forward instead of trying to piece together a puzzle with missing parts. With proper planning, this situation can be avoided. A will allows the testator to leave nothing to the imagination and lay out all the information to make the job easier for the executor and family members.

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 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.

Women and a man sitting at a desk with a laptop signing important documents

Revocable Living Trust vs. Last Will and Testament

Written by Asurest on . Posted in Last Will & Testament, Legal Trusts.

Learn the advantages and disadvantages between a last will and testament and a revocable living trust and which one might be right for you.

We are faced with options day in and day out. Some are simple: Would you like cream and sugar with your coffee? Others are more complex, like what type of estate you will set up to protect your assets, who will care for your children in the event that you pass away, and what your medical care will look like at the end of your life. 

A 2020 Gallup Poll discovered that only 46% of Americans have a will directing how they want their money and estate handled after their death. Tomorrow isn’t promised, so planning for the future now is the best way to care for your loved ones when you are no longer here. The first step in planning is knowing the tools available to you. Estate planning tools like a last will and testament and a revocable living trust each serve a specific purpose. Follow along to learn about wills and trusts–discover the advantages and disadvantages of each.

What is a Last Will and Testament?

A last will and testament functions as a set of instructions- think of your will as a step-by-step guide laying out your wishes, your chosen beneficiaries, and steps to manage the closing of your estate. Your last will and testament might designate who will inherit your vehicle, who will care for your children or pets, and who will be the executor of your will, ensuring that all of your wishes are executed in the way you laid out.

What is a Revocable Living Trust?

A revocable living trust is an estate planning tool that involves moving your assets into a trust managed by a trustee. A trust goes into effect immediately and protects your assets and privacy.

Advantages of a Revocable Living Trust vs. Last Will and Testament

Advantages of a Revocable Living Trust:

  • Immediate implementation: A trust goes into effect immediately after it is funded and signed.
  • Avoidance of probate: Assets held in a trust do not go through probate, which is the legal process of transferring assets from the deceased to their beneficiaries. Keeping assets in a trust can save time and money and help keep the distribution private.
  • Control over assets: A trust can provide more control over how and when assets are distributed to beneficiaries. A revocable living trust can be particularly useful for individuals with minor children or beneficiaries with special needs.
  • Asset protection: A trust can protect assets from creditors, lawsuits, and other claims if specific parameters are set around the beneficiary’s duties before assets are distributed.
  • Legacy: A trust can create a sense of legacy and reflect values important to the Guarantor.

Advantages of a Last Will and Testament:

  • Simplicity: Wills are generally simpler and less expensive to create and administer than trusts.
  • Flexibility: Wills can be changed or revoked anytime, whereas trusts are more difficult to change once they have been established.
  • Accessibility: A will is easily accessible and an excellent first step in working towards a comprehensive estate plan. This tool allows immediate naming of guardians for children and pets, designates who assets will be distributed, and lays out all final wishes and arrangements.

Disadvantages of a Revocable Living Trust vs. Last Will and Testament

Disadvantages of a Revocable Living Trust:

  • Cost: Setting up a trust can be more expensive than a will and typically requires the services of an attorney. Additionally, ongoing expenses may be associated with maintaining the trust, such as accounting and legal fees.
  • Complexity: Trusts can be complex legal instruments, and it may be difficult for some individuals to understand the terms and conditions of the trust fully.
  • Limited flexibility: Trusts are often inflexible and difficult to change once established. This can be a problem if the grantor’s circumstances or the needs of the beneficiaries change over time.

Disadvantages of a Last Will and Testament:

  • Probate: One of the main disadvantages of a will is that it typically goes through probate, which is the legal process of transferring assets from the deceased to their beneficiaries. Probate can be time-consuming and expensive, and it can also make the distribution of assets a matter of public record.
  • Limited control: A will only takes effect after the principal’s death, which means the principal has limited control over how and when their assets are distributed to beneficiaries, especially if an executor was not selected to carry out the last will and testament.

The Bottom Line: Revocable Living Trust vs. Last Will and Testament

In general, revocable living trusts are more useful when individuals want more control over their assets and how it is distributed after death. Choosing a revocable living trust over a last will and testament can avoid the costly and time-consuming probate process. 

Wills are more useful for individuals who want to keep things simple and straightforward and those with fewer assets to distribute. A will may also be better if the guarantor’s debts outweigh their assets. In cases with outstanding debts, it can be beneficial to go through the probate process because creditors have a limited time to seek the money they are owed. If the assets are in a trust, there is unlimited time for creditors to request the debts be settled. 

Families might be better positioned in certain situations to have the probate process play out so all debts are accounted for. In many cases, clients will have both a will and a trust as part of their estate plan since a will functions as a directive and a trust functions as a layer of asset protection.

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 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.

Older women sitting outside with her computer while she writes notes with a pen

What is a Transfer-on-Death Designation?

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

Avoid the costly and time-consuming probate process by using the Transfer-on-Death Designation

Most people want to avoid probate court, and for good reason! Anyone responsible for being an Executor during the probate process knows how time-consuming, grueling, and expensive it can be. The good news is probate can be avoided with proper planning and using available estate planning tools like a Transfer-on-Death (TOD) or Payable-on-Death (POD) designation.  If you want your loved ones to avoid probate, and your estate is simple and straightforward, then a TOD or POD might be a more viable solution.

What is a Transfer-on-Death Designation?

A transfer-on-death designation allows a principal to transfer the ownership of the property to a named beneficiary without going through the probate process. This designation is legally recognized in Virginia when a Virginia Transfer on Death Deed is filed. For a transfer-on-death designation to be valid, it must be filed before the principal’s death. A TOD is a helpful estate planning tool when the principal’s primary assets are real estate or bank accounts, and the principal only has a few other assets or debts. There are a few specific TOD designations:

  • Transfer-on-Death Deeds for Real Estate
  • Transfer-on-Death Registration for Vehicles
  • Payable-on-Death Designations for Bank Accounts
  • Transfer-on-Death Registration for Securities

In Virginia, a transfer-on-death (TOD) designation allows for the transfer of ownership of certain assets, such as bank accounts, brokerage accounts, and real estate, to a designated beneficiary outside of probate court. However, the current owner retains the right to manage the assets as they see fit during their lifetime. This includes the ability to mortgage, sell, or revoke the beneficiary designation without notifying or obtaining approval from the beneficiary. While the beneficiary may be aware of the TOD designation, they do not have any legal rights to the property until the death of the current owner. They cannot make any changes to the property or sell it on their own. The principal does not have to notify the beneficiary that they were named as the beneficiary. The principal can keep the TOD private until they revoke it or pass away.

It’s important to note that if there are any outstanding loans on the property, a TOD designation does not affect the creditors’ rights concerning those loans. Additionally, a TOD designation does not give the beneficiary’s creditors any rights to the property while the current owner is still alive.

Older women sitting outside with her computer while she writes her transfer-on-death designation with a pen.

Pros: Using a Transfer-on-Death Designation

One of the benefits of using a TOD is that it is not limited to property like land or real estate. It can also apply to personal property like jewelry, cars, and recreational vehicles. If the principal has a straightforward estate, they can avoid probate by using a TOD instead of a last will and testament. Another benefit of a Transfer on Death Deed is that putting a beneficiaries name on our deed ahead of time will mean they will own the property immediately after your death.

The primary benefit of having a valid Virginia TOD deed is that the beneficiary can avoid the hassle and legal expense of probate after death. The cost associated with getting a TOD in place is much more affordable than the costs associated with setting up a revocable living trust.

However, since the current owner retains the right to revoke the TOD designation at any time, it is considered an “incomplete gift” under federal gift tax laws. This means the owner is not required to pay gift taxes on the property transfer.

Cons: Using a Transfer-on-Death Designation

One drawback to a Transfer on Death designation is that it does not allow for continued beneficiaries like a trust would. The property will be given to the beneficiaries immediately upon the passing of the principal, and they can do with it what they want. If the property is in a trust, there are rules and stipulations around how the property is used, if it can be sold, or if it should continue to be passed down.

A TOD designation does not give the beneficiary’s creditors any rights to the property while the current owner is still alive. However, once the property is transferred to the beneficiary, it can be subject to property tax and liens, and the beneficiaries creditors can come after the property if they are owed money. It does not have the protection that a revocable living trust can provide.

How Does a Transfer-on-Death Help the Probate Process?

For many people, a Transfer-on-Death Designation is an affordable estate planning tool. A transfer-on-death designation can streamline the probate process by allowing assets to pass directly to the listed beneficiary without needing to go through probate. In addition, there is no requirement to notify your beneficiary that there is a TOD in place and ownership of the property will be transferred to them upon death, and in many cases, it is simple as providing proof of identification and a valid death certificate to complete the transfer.

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 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.

How to Appoint an Executor For Your Will

Written by Asurest on . 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

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 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 . 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.

What Makes a Will Invalid?

Written by Asurest on . Posted in Last Will & Testament.

There are a number of reasons a will could be considered invalid. Here’s how to identify and contest an invalid will in Virginia.

One of the most important documents you will ever write is your last will and testament; yet many, to their own detriment, erroneously believe that they don’t need a will. These common misconceptions include not owning “many” assets, not being “old enough,” or just assuming their closest relatives are aware of and will carry out their wishes. And contrary to popular belief, holographic wills—or handwritten wills by the testator, or person making the will—may not hold up in court.

A man is sitting at table looking out the window and is stressed about his invalid will.

In a perfect world, everyone would band together when a loved one dies and be aligned on carrying out their last wishes. In reality, though, not having a valid will can create a ripple effect of family disputes that end up in probate court, costing time, money, and irreparable damage to relationships within families with the courts making the final decisions. It is not uncommon for family members who feel slighted by a loved one’s last will and testament, who didn’t get what they believe to be their fair share of the estate, to attempt to have a will declared invalid by contesting it in court.

Most people who end up in a lengthy, costly court battle contesting the will of a recently-deceased loved one (or being on the receiving end of a disgruntled family member contesting a will they may not have been included in) didn’t consider that this could be an outcome for them. Unfortunately, it’s not until it’s too late that they realize the gravity and dire consequences of not having the proper, legally-standing documentation in place much sooner. 

Here’s everything you need to know about what makes a will invalid and how to contest an invalid will.

When is a Will Invalid?

A will may be declared invalid if it does not follow state law requirements. Additionally, a will that is too ambiguous, contains missing information or inaccuracies, or appears written under suspicious circumstances, someone may try to contest or challenge it, having it declared invalid in probate court.

Some common reasons a will may be declared invalid include:

  • The will has been forged
  • The deceased lacked testamentary capacity, or the mental capacity to coherently make decisions and write a will
  • The deceased was a victim of undue influence or was manipulated or pressured when writing their will
  • The deceased was a victim of elderly abuse or duress, threatened with violence, abuse, or other unethical, coercive action
  • The will was not signed, witnessed, or notarized appropriately 
  • The deceased did not approve the contents of their will
  • The person who created the will can be proven to have been mentally ill, incapacitated, or otherwise lacked the capacity to make a will

How to Contest an Invalid Will

While laws vary by state, to contest a will in Virginia, you must:

  • Confirm that you are an “interested person” by legal definition. An interested person means someone who is entitled to receive property under the will or under the intestate laws of Virginia.
  • Determine whether or not you have grounds to contest the will based on the aforementioned reasons a will could be deemed invalid.
  • Submit a bill explaining your interest and reason for challenging the will per Virginia Code section 64-1.88.

If you believe a will is invalid, acting quickly is critical as the time limit for contesting a will is typically one year from the date the will is probated (or filed in the clerk of court’s office). If you are involved in a will contest or have questions about the validity of a will, seeking trusted specialized legal counsel can help simplify the process, ensure important deadlines are not missed, and give you peace of mind. 

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.