3.1 Introduction

• Library: Estate Planning in Virginia (Virginia CLE) (2018 Ed.)

3.1 INTRODUCTION

This chapter is an overview of the important factors to consider when planning a client's estate. Familiarity with the assets owned by the client and the client's spouse, as well as the form of ownership, is essential to the estate planning process. To avoid unnecessary delay and administration expenses, the estate planner must be knowledgeable about probate procedures in Virginia. The estate planner must also be familiar with the rights of each spouse to the other's assets and the legitimate ways of altering these rights. There are other claims that family members may have against the decedent's estate that may take precedence over the claims of creditors, including the election a spouse might make against the augmented estate, the family allowance, the homestead exemption, and other exempt property claims.

The estate planner should be able to explain to the client the reasons for having a will and the consequences of dying without a will. In many cases the client may use various types of trusts to accomplish his or her objectives concerning the disposition of the estate. The estate planner must be aware of the various types of trusts, as well as the ways that trusts can be...