Probate is the legal process that includes proving the validity of a decedent’s will, identifying the decedent’s assets and transferring those assets to the decedent’s heirs, beneficiaries and/or creditors. “Probate assets” are assets that pass to your heirs or beneficiaries pursuant to your will. “Non-probate assets” are assets that pass to your heirs or beneficiaries by some means outside of your will, thereby avoiding the probate process that involves qualification of a fiduciary, costs, and delay, as well as other aspects of probating a will.
Some examples of non-probate assets in Virginia are:
Assets with a Named Beneficiary. Life insurance contracts payable to a designated beneficiary, and retirement benefits payable to a designated beneficiary, such as 401(k)s and IRAs, pass directly to the named beneficiary at the death of the policy or account owner, rather than by a will.
Payable on Death (POD) … Read More »
Congratulations to Livesay & Myers, P.C. associate attorney Ben Griffitts, who has been named one of the Top 40 Under 40 Trial Lawyers by the National Trial Lawyers Association (NTLA). According to the NTLA website:
Membership into The National Trial Lawyers Association: Top 40 under 40 is by invitation only and is extended exclusively to those individuals who exemplify superior qualifications, trial results, and leadership as a young lawyer under the age of 40. Selection is based on a thorough multi-phase process which includes peer nominations combined with third-party research. The result is a credible, comprehensive and impressive list of young attorneys chosen to represent their state.
The Top 40 under 40 is restricted to only 40 attorneys per state per year and each attorney must be under the age of 40 as of January 1, 2012. Attorneys must also specialize in the … Read More »
There are not many better examples of America’s do-it-yourself attitude than the notion of owning and managing a residential rental property. The housing boom of the first-half of the last decade led to many average Americans seeing “gold in them thar hills”: the magical land of rental income. Even in prosperous economic times, being a residential landlord be financially risky, to say nothing of trying to maintain a steady stream of tenants in rough times. Since the theory behind owning a rental property is extra income and not the great joy of housing others, single property residential landlords understandably attempt to save on costs wherever possible: through do-it-yourself advertising, do-it-yourself leases, do-it-yourself repairs, even do-it-yourself evictions. Landlords often find themselves spending more (or more commonly—losing more) money than they ever thought they would in the name of cost-savings. Why does … Read More »