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6 Things Executors Do Following the Death of a Testator

While dealing with the emotional effects of the death of a loved one, an executor must spring into action and start dealing with the business of the deceased person’s affairs. An executor is a person selected by a testator (person writing will) to dispose of the testator’s estate by transferring or selling the testator’s property and possessions to heirs after paying off any debts or obligations of the estate in accordance with the wishes of the testator contained in the will. A mouthful, right?

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Topics: Estate Planning

Making Estate Plans in Virginia

Once people acquire assets, marry, and have children, they turn their attention to developing an estate plan. At first the estate plan may just contain a last will and testament. But other matters, like making financial, medical care, and end of life decisions, also need to be a part of a person’s estate plan.

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Topics: Estate Planning

Do You Need a Revocable Trust?

When I meet with clients to discuss the estate documents they need, I am often asked “do I need a Revocable Living Trust?”  My answer is, “If it makes sense for your circumstances, yes!” One of the primary goals of many people is to avoid the work (hassle!) and lack of flexibility which is inherent in the probate process. However, at Ferguson, Rawls & Raines, PC, we believe a thorough review of our clients’ needs and financial circumstances must be made before advising our clients to opt for an estate plan using a Revocable Living Trust. Those circumstances include a realistic view of what probate will cost in time, money and effort, looking at alternatives to avoid probate to help reduce the cost and effort, and other options which balance our clients’ financial realities with their needs and desires.

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Topics: Estate Planning

End of Life Decisions: Who Will Make Them?

So often you have heard a family member say, “she wouldn’t have wanted that…”.

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Topics: Estate Planning

6 Common Myths About Planning an Estate

Confusing and complicated, estate planning can leave you with a migraine when trying to parse through the facts and fictions. Myths and half-truths abound on the web regarding estate planning, so it is crucial to know where to get the right information. Forget the advice you received around the water cooler or through a forwarded email from grandma, the best way to get trustworthy estate advice is by contacting an experienced attorney. Here are six common myths to avoid.

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Topics: Estate Planning

     

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