Avoid this single mom's nightmare after her ex-husband passed. Probates are not fun. Rose's ex-husband passed without an estate plan (will or trust), so we had to open a Virginia probate. They have two kids, ages 15 and 9, and under Virginia law, they are the sole beneficiaries of his estate. In the divorce, Rose gave a large amount of cash to her ex as part of the settlement. When he passed, she fully believed she would be able to use those funds to help raise the children.
Don’t accidentally disinherit loved ones by not planning ahead. As people get married or re-married later in life, there is good chance each member of a couple will come to the marriage with separate property such as a house. Many times people do not bother with adding their new spouse to the deed, which can pose a huge problem if the owner dies without an estate plan. Steve and Jane were married and shared a house for 12 years. It was the second marriage for both. They both
One of the best kept secrets in estate planning involves the use of something called a Revocable Transfer on Death (TOD) deed. It has the affect of transferring the title of real property to a beneficiary, the same way financial accounts or life insurance are paid to a beneficiary. This is an extremely effective, and cost efficient way of transferring what is typically a person’s largest single asset. Occasionally, someone will come to me with a request to draft a new deed to