Virginia Estate Planning Questionnaire

State:
Multi-State
Control #:
US-Q1014
Format:
Word; 
Rich Text
Instant download

Description

This form addresses important considerations that may effect the legal rights and obligations of the parties in an estate planning matter, such as wills, trusts, healthcare documents, deeds, and more. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorneys case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new clients needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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FAQ

Wills, Trusts & Estate. Planning Team. The attached Estate Planning Questionnaire is designed to help you organize your personal and financial information, to help us effectively assess your goals and circumstances, and to enable us to recommend an estate plan that will work for you and your family.

Generally, estates cannot realistically close before six months after the decedent's death because the surviving spouse has the right to make her claim for an elective share within that six months.

Five of the Most Common Estate Planning Questions AnsweredWhat is the difference between a will and a trust? Wills and trusts have some similarities.What is Power of Attorney?Do I need to create a medical directive?When should I make updates to my estate plan?I'm worried my family will contest my will.

If an executor breaches this duty, then they can be held personally financially liable for their mistakes, and the financial claim that is made against them can be substantial. In an extreme example of this, one personal representative failed to settle the inheritance tax bill before distributing the estate.

For maximum flexibility, a revocable trust is best because you can adjust it as many times as you like while you're alive. In general, irrevocable trusts are best for those who have extensive assets, since these trusts offer greater tax benefits and asset protection.

To summarize, the executor does not automatically have to disclose accounting to beneficiaries. However, if the beneficiaries request this information from the executor, it is the executor's responsibility to provide it. In most cases, the executor will provide informal accounting to the beneficiaries.

Estates that include no real property and $50,000 or less in personal property are considered small estates, according to Virginia inheritance laws. These estates can avoid any sort of probate proceeding, as long as at least 60 days have passed since the individual's death.

6 strategies to protect real estate assetsLandlord insurance. Landlord insurance provides coverage specifically for owners of rental property.Limited liability company.Real estate trust.Avoid risk.Strategically use debt.Homestead exemption.

A Family Trust. This may be one of the best strategies to protect your personal assets. A trust will help protect your assets when you lose all your money. A family trust can also provide tax benefits to family members in lower tax brackets.

Estate planning in simple terms refers to the passing assets / investments down from one generation to another. You decide how much of your estate be it property(s), car(s), personal accolades, financial investments, etc. you want to pass on to whom and how, after your demise.

More info

1. What assets do I have? · 2. Who do I want as my executor? · 3. Who should I designate as my attorney-in-fact under a POA? · 4. Would it be ... If you have prior estate planning documents, such as a Will or Trust, please bringPLEASE COMPLETE THE ENTIRE QUESTIONNAIRE AND RETURN AT LEAST 48 HOURS.Most people procrastinate creating a will or completing an estate plan,please take a moment to download and review our Estate Planning Questionnaire. You may also wish to assess your current estate plan. When you fill out the attached estate planning questionnaire it provides an interactive method of ... Create Your Estate Plan · To whom do you want your assets given? In what percentages? · If you have minor children, whom will be their caregivers? Why do I need an estate plan? · If I don't create an estate plan, won't the government provide one for me? · What's the difference between having a Will and a ... Please complete this First page for each person who would like an estate planning document. If the information on remaining pages is different, please complete ...5 pages Please complete this First page for each person who would like an estate planning document. If the information on remaining pages is different, please complete ... Estate planning helps designate who gets your assets and handles yourA complete estate plan includes important legal directives. We have 173 Virginia Estate Planning Questions & Answers - Ask Lawyers for Free - Justia Ask a Lawyer. The Bottom Line ? By designating beneficiaries on retirement accounts and completing the transfer on death designations on other accounts, you can keep ...

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Virginia Estate Planning Questionnaire