Important Info You Need to Know About How Divorce Can Impact Your Estate Plan

Most people never expect to get divorced. They love their spouse and anticipate spending the rest of their lives in marital bliss. Unfortunately, the data indicates this is not the norm. In fact, in the United States, nearly half of all married couples wind up getting divorced, according to the American Psychological Association. This is why it is important to be prepared and have as much information at your disposal. Below is a general overview of how a divorce can impact your estate plan. How Divorce Can Impact Your Will When you get divorced, any items or funds that are directed to your ex-spouse will be automatically revoked, according to Virginia Code § 64.2-412(A). This statutory provision means your ex-spouse will lose the following rights, responsibilities, and benefits described in your Will: · General or special power of appointment; · Executor status · Guardian status · Any assets designated to go to the ex-spouse Despite the automatic revocation,...

07 January

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New Year’s Resolution – Review Your Estate Plan

Posted by Bobby Feisee

in Bobby's Blog

With a new year comes resolutions. Some people may plan to get into better shape. Some people may plan to get out of credit card debt. But everyone should make a resolution to review their estate planning documents. To help get you started, we put together a brief checklist of topics and issues you and your loved ones need to review in your estate plan. You should make this a yearly habit. That is why, at InSight Law, we have a formal maintenance plan for all of our clients to update their estate plans and make adjustments as events in our their lives progress and changes occur in the law. Let's begin… Review your Will and/or Trust You need to make sure you are comfortable with the Personal Representative (a.k.a. Executor) and Trustee designations in your Will and/or Trust instrument. The individual(s) selected need to be dependable and trustworthy. Remember, you also have the right to...

17 December

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Holiday Season Good Time to Discuss Estate Planning with Loved Ones

Posted by Bobby Feisee

in Bobby's Blog

Your parents are getting older and you may be wondering if they have a plan in place just in case something awful suddenly occurs. However, it is difficult to have that conversation since it is an uncomfortable subject to talk about and you may not be in close proximity to your loved ones. The holiday season provides the perfect opportunity to have that conversation with your loved ones since everyone is together and can participate. It may not be the most “holly jolly” subject, but it needs to be done. Being proactive and getting your family on the same page will save all of you stress and chaos in the future. A lot of hurt feelings can be avoided if people know and understand what the plan is ahead of time. Below are some important tips that can help you and your loved ones make the conversation as productive and effective for all...

20 October

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Estate Planning Takeaways from Lamar Odom’s Medical Nightmare

Posted by Bobby Feisee

in Bobby's Blog

Former NBA star Lamar Odom was on the verge of death totally incapacitated. He needed the assistance of a breathing tube and many worried he would suffer permanent, debilitating brain trauma. Fortunately, his health has improved and it looks like he will pull through, but this incident is a prime example of why it is so important to regularly review and update your estate planning documents. Lamar Odom was married to Khloe Kardashian, but the couple was not on good terms and had signed divorce papers, but they were not finalized. This meant Kardashian possessed legal authority to make medical decisions on Odom’s behalf, despite the turmoil in their relationship, according to Investment News. Since the couple remained legally married Kardashian controlled these vital decisions. The takeaway - when you are going through a divorce, you need to take the time to do a top-to-bottom analysis of estate planning documents. Ask yourself...

15 October

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Simple Estate Planning for Your College Kids

Posted by Bobby Feisee

in Bobby's Blog

It is a day most parents dream of, and dread, all at the same time – their child makes the voyage into adulthood and heads off to college. Keep in mind, even though you may view your son or daughter as a child, in the eyes of the law, when they turn 18, they are a legal adult. As a result, they need to have some essential estate planning documents in place. An estate plan is critical since it provides directives on who will be appointed to make medical and financial decisions in the event your son or daughter is unable to do so. Obviously, this is a scenario no parent wants to contemplate, but it is better to be safe than sorry. Lack of Assets Not an Issue Not many college-aged kids even think about drafting an estate plan. This may be due to the mistaken belief that you need assets like...

29 August

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Digital Assets in Your Estate: Are You Prepared?

Posted by Bobby Feisee

in Bobby's Blog

[caption width="210" align="alignleft"] Image Courtesy of Petervan's Blog[/caption]Do you have a plan for who will manage your Facebook account, Twitter account, Ebay business, Spotify account, etc.? If you answered no, it’s okay; not many people do. The issue of what happens with “digital assets” and accounts after a loved one passes away is growing in importance with estate planners. It makes sense considering our lives are becoming more and more digitized. A recent study showed that many people value their digital assets at an average of nearly $55,000. Beyond the potential monetary value of your digital assets in your estate, there are other important issues such as privacy, security and legacy planning. It’s a sad, but true fact, that laws tend to lag behind technology, so current statutes and case law are not very helpful in addressing this issue and/or providing guidance for how to properly incorporate digital assets into...