Coates & Davenport, P.C.

Estate Planning Archives

Anticipate the unexpected through estate planning

Most people in Virginia don't anticipate dying young. Unfortunately, it can happen. People develop fatal illnesses; are involved in deadly car crashes; or have their lives cut short in other ways. When the unthinkable happens, what will happen to your loved ones who must move on from their loss?

It pays to have an understanding of the estate tax

Many people in Virginia may have heard of the federal estate tax, but may not be entirely sure what it is or if it even applies to them. In fact, under current law most estates do not wind up being taxed when a person dies. And, for those who would pay an estate tax, this obligation may be repealed by 2024 if certain pieces of legislation are passed.

Blow the dust off that estate plan and give it a second look

Some people in Richmond may have taken the wise step of creating a comprehensive estate plan. While estate planning is a good thing to do, it is important not to let your estate plan languish and collect dust as the years go by. Instead, from time to time it should be reviewed, to ensure it still meets your needs. The following are some life events that may warrant a review of one's estate plan.

Estate planning involves more than just a simple will

Some people in Richmond may have taken the wise step of creating a will, but then stopped there thinking their estate plan is complete. However, a well-rounded estate plan encompasses more than just a simple will. Let's go over some other documents that a person may want to include in their estate plan.

Basics of drafting a will

While no one enjoys thinking about their demise, it can extremely helpful to consider how you want your estate to be handled in the event of your passing. The most common way of communicating your wishes to the survivors of your estate is through a will. There are, however, some considerations that should be taken into account when drafting and eventually finalizing a will.

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