As much fun as it is to daydream about how you would use a large sum of money if you inherited it, accounting for the assets and liabilities you actually have is a lot less fun. If it is an unpleasant task to take stock of your finances when preparing your income tax return because the possible outcome is that you will end up owing money to the IRS instead of receiving a refund, think of how daunting estate planning can be. Trying to provide for your own long-term care can be even worse, but a knowledgeable lawyer can help reduce the emotional and financial stress.
Wills and trusts serve the same basic purpose, namely, to transfer your assets to your designated heirs after you die. The main difference is that a will is simply a set of instructions about the distribution of your assets to be implemented after your death, whereas a trust allows your or someone designated by you as a legal representative to use your wealth according to your instructions even while you are alive. Here are some other factors to consider when trying to choose to write a will or set up a trust in Virginia.
If you get into a car accident, even a minor one, the first thing that comes to your mind is probably panic or anger. You are probably thinking, “I’m already late for work! My boss is going to be so mad!” You might also be thinking, “I’ve already been in one accident already. How expensive will my insurance premiums be now?” Of course, you could be thinking, “How did that driver not stop? Couldn’t he see that I have the right of way?” In the flurry of emotion that comes after a collision, it is easy to forget all the steps you should follow after a car accident in Virginia. Following the right procedures is important, though, because failure to follow them could lead to additional expense for you, and you could even end up breaking the law.
What comes to mind when you think of personal injury lawsuits? Do you think of the lady who sued McDonald’s after suffering third-degree burns when McDonald’s coffee spilled on her legs? Do you think about the “ambulance chaser” attorneys who advertise on TV at times when people who are too ill to work are most likely to be watching? Do you think about charlatans who slip and fall at big box retailers under dubious circumstances? There is a lot more to personal injury law than just the stereotypes.
Topics: Personal Injury
Even when divorced couples can peacefully come to an agreement about financial matters, child custody and visitation is still often an emotionally loaded subject. Virginia laws are designed to handle matters of child custody and visitation in such a way that each parent can spend time with the children and participate meaningfully in decisions about the children’s future. Here are some frequently asked questions about child custody and visitation in Virginia.
Topics: Family Law