01 November

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Does Virginia Recognize Wills from Another State? Ashburn Estate Planning Lawyer Provides the Answer

[vc_row triangle_shape="no"][vc_column][vc_column_text] According to migration data tracked by the U.S. Census Bureau, more than 264,000 people relocated to the Commonwealth of Virginia from another state in recent years. This likely means thousands of people who drafted a Will in another state will need to get the answer to an important question: Does Virginia recognize a Will drafted and notarized in a different state? Here is the answer: A Last Will and Testament created and effectuated in a different state will generally be considered valid in Virginia if it meets the legal requirements. Requirements to Create Legally Enforceable Will in Virginia If you do not have a Will and recently relocated to Virginia, now is the time to take action and create a Will (or other estate planning instrument, such as a trust). In order to properly create a Will in Virginia, there are specific statutory requirements that must be met, including: You must be...

09 August

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Another Celebrity Leaves Sizable Estate, But No Will

Posted by Bobby Feisee

in Bobby's Blog

Actor Anton Yelchin, best known for his role as Chekov in the revamped Stark Trek movies, died tragically in an accident on June 19, 2016. Mr. Yelchin, left behind a sizable $1.4 million estate and no will. He follows other notable celebrities like Prince and Amy Winehouse who suddenly passed on leaving substantial estates, but no estate plan. Mr. Yelchin was only 27 years old, but he had at least $641,000 in personal property and had $731,000 in equity in his home, according to the Associated Press. His parents filed to become administrators of his estate in Los Angeles Superior Court. Our deepest sympathies go out to Mr. Yelchin’s parents. Losing a child is a gut-wrenching experience no child should have to endure. Unfortunately, their stress was likely exacerbated learning that there was no will, trust, or any other estate plan for their son. Mr. Yelchin was not married and had no...

05 May

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Neglected Estate Planning By Prince Will Cost Loved Ones

Posted by Bobby Feisee

in Bobby's Blog

World famous music star Prince reportedly died without leaving a will, trust, or any other estate planning documents for his friends and family. The consequence? His loved ones and business contacts will likely be fighting in court for years to settle an estate estimated to be worth between $150 million to $300 million, according to the Chicago Tribune. To complicate matters even further, Prince was not married and had no children. This means there is not a clear beneficiary who will inherit the bulk of his estate. Instead, Prince left behind six siblings. Here is an ABC News report on the estate controversy: https://www.youtube.com/watch?v=VsiJxpRvAw4 When someone dies without a will, it means they died “intestate.” The result is that your assets will be divided according to statutory law. For Prince’s estate, it is likely that each of his siblings will receive an equal share of the overall estate. This division applies even if Prince...

04 April

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10 Key Tips for a Smooth Settlement

Posted by Bobby Feisee

in Bobby's Blog

When a loved one passes away, family members can often feel overwhelmed by the seemingly endless list of things to take care of. An up-to-date estate plan and an educated family can help ease this feeling. Unfortunately, if the family was not prepared, there can be significant confusion over who is in charge and what needs to be done. If you find yourself in this position, here are some tips to help you get started: Take care of the final arrangements. Even more important initially than the estate planning documents is to locate any funeral or burial instructions. Your loved one may have written out his or her preferences, obtained a funeral insurance policy, or purchased a burial plot. The funeral director will ask how many copies of the death certificate you would like. We recommend requesting at least 10 to 15 death certificates. Locate the decedent’s important paperwork. This can require investigation...

10 August

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There’s No Such Thing as a “Simple Will”

Posted by Bobby Feisee

in Bobby's Blog

I get this request, in some form or another, on a regular basis - “I want a simple will.” The client is thinking they have a relatively straightforward collection of assets and a “typical” family. Then they drop the proverbial bomb and reveal that they have a half-interest in a rental property based in Honolulu, natural gas interests in another state, and a general partnership worth somewhere between $100,000 and $5,000,000. They also divulge the fact that they have one child who is physically disabled and another child who has served jail time with two divorces under their belt. Clearly, a simple will is not going to be in the picture. And I make this determination in many instances when meeting with clients. Each individual’s estate is unique. It is important to look at all the complexities and nuances so your estate plan is detailed, thorough, and legally valid. When meeting with...

30 December

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Estate Planning Tip: Leave a Personal Touch

Posted by Bobby Feisee

in Bobby's Blog

Many people experience a common nostalgic scenario – you’re cleaning out your closet or rummaging through the pile of boxes in your attic and stumble upon family photos. Your mind is inundated with a wave of memories and emotion. For some people, they embrace this moment and take a trip down memory lane. Your estate plan should incorporate this type of personal touch with a reflection of the life you’ve lived and loved ones you've left behind. Unfortunately, many estate planning attorneys focus solely on the nitty-gritty of estate planning such as making sure you have a valid will, properly established trust, a durable power of attorney, etc. There’s no question these documents are vitally important, but they also carry a level of sterility. They are words on a page. Your estate plan should have sentiment and feeling, and not just be word processing. A simple way to incorporate a...

03 December

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As the New Year Approaches, Take Time to Re-Examine Your Estate Plan

Posted by Bobby Feisee

in Bobby's Blog

We’re rapidly approaching 2015 and now is the time that many people take a step back to take inventory of big events in 2014 and plan for the new year. If you have an estate plan, it’s a good rule of thumb to re-examine your plan at least once a year (do NOT put together a plan and throw it into a lockbox for all eternity- it simply will not work). If you do not have an estate plan, you should make it a goal for 2015. Remember, estate planning is not just for you, it is also about making a smooth transition for your loved ones in the event of your disability or death. Here are some important areas to review, or incorporate, into your estate plan: 1. Your preferred medical care. Medical care is an important part of a well-thought-out estate plan. You need to define how...

05 November

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No Will Hunting – Robin Williams Used a Living Trust

Posted by Bobby Feisee

in Bobby's Blog

Robin Williams made millions during his career and took steps to protect his wealth so it could be passed down to his three children. Did he just have a simple will based plan? No. Instead, reports indicate that Mr. Williams likely had a plan centered around a revocable living trust. Why would Williams, and other individuals, opt not to have a just a will based plan? First, the probate process can be very complicated and time consuming because it requires the estate be administered through the court system. Think about your experiences that involve the courts or the government in any way. Was it efficient? In our experience, we find it is more complicated and time consuming to have government involvement than having the estate administered privately by people that you hand pick. Revocable Living Trusts combined with properly titled assets can avoid the probate process and...

02 October

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Unmarried? No Excuse to Neglect Estate Planning

Posted by Bobby Feisee

in Bobby's Blog

Just because you haven’t tied the proverbial knot doesn't mean you and your significant other should neglect properly planning your estate. Getting your estate organized is not exclusive to elderly folk or married couples. Everyone, including unmarried couples, should take the time to get a plan together. Here are some important tips for couples who have yet to say “I do.” First, if you and your significant other are living together, but aren't yet married, make sure your assets will pass to the other if you suddenly die. You can accomplish this by naming each other as beneficiaries on all pensions, retirement accounts and insurance policies. You should also draft up wills and make sure to name your significant other as the beneficiary. If you fail to have a will, your assets can pass, by default under the laws of intestacy, to a parent, sibling or other family member -...

26 August

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Having That Awkward Conversation – Family Inheritance

Posted by Bobby Feisee

in Bobby's Blog

UBS Wealth Management published a report revealing how badly families are talking about inheritance. The report indicates that it’s easier to have a will (83 percent of respondents had one) than discuss the will with children (about half have had a conversation about the will), and it’s even harder to tell children what the assets are in the will (only 34 percent of respondents discussed the will in detail). The issue of not discussing family inheritance spans the economic spectrum including both wealthy and not-so-wealthy people, according to the New York Times. The UBS report showed that only 55 percent of people with more than $1 million talk to their children about an inheritance, while 53 percent of people with less than $1 million take the time to talk about inheritance. Change needs to happen. Financial advisers estimate that $40 trillion will pass from baby boomer clients to their children and...