Estate planning in Virginia refers to the set of regulations that are applied in the estate planning sector in Virginia. Estate includes one’s real estate and more. It also comprises one’s stocks, other accumulated wealth from options, bonds,business interests and the like.
More on Estate Planning in Virginia
As per the estate planning rules in Virginia, life insurance policies are outside the purview of probate estates and accounts, which have a designated beneficiary. The designated beneficiary needs to live more than the original account holder. The exception further applies to jointly held properties where the co owner lives longer than the other owner. However these properties do fall under federal estate tax estimates. The issues covered include issues like Power of Attorney option, Probate of estates, Intestacy, provision for one’s young children, will making and alternatives to will making.
Alternatives to Will Making as found in Estate Planning in Virginia
As wills are publicly read out in court after one’s demise the element of secrecy is not maintained that much. So many prefer to go in for alternative options other than wills. In Virginia the available alternative options include life insurance policies, “grantor trusts”, cash gift or asset gifts prior to one’s demise, retirement plans, “TOD” or “POD” bank accounts, asset ownership through common tenancy and asset ownership through joint tenancy.
Asset ownership through joint tenancy exhibits rights to survivorship. In such cases the assets automatically get transferred to the surviving joint tenant on demise of the co-owner. Assets held through common tenancy are characterized by each tenant possessing a definite proportion of the property in question. The property can be sold independently despite the partitioning.
“Grantor trusts” are also called “Revocable living trusts” in Virginia. They basically refer to the procedure of transferring one’s assets to a trustee for effective management much before one’s death. Under estate planning in Virginia IRAs and retirement plans are also regarded as alternative options to wills. The term IRA means Individual Retirement Accounts.
Probate in Estate Planning in Virginia
Probate in Estate Planning in Virginia involves filing and validation of wills in court, asset division as per Virginia law or as per a will as applicable and also meeting the debt and tax obligations of the deceased. Probate lawyers normally charge an hourly fee for services rendered.
Last Updated on : 30th July 2013