3.15 Conclusion

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

3.15 CONCLUSION

3.1501 Careful Review of All Information. Although a client may identify and value assets for purposes of describing them to the estate planning attorney, the attorney must independently examine the information to determine whether the asset will have the effect that the client anticipates that it will have. For example, a client may determine that he or she has $500,000 worth of life insurance. A closer examination of the policy may disclose that it is a group term life insurance policy with a benefit that decreases significantly after the client retires. If the client is close to retirement age, extensive planning to remove this asset from the client's estate may not be warranted. Similarly, deeds should be reviewed to ensure that real property is owned as a client believes it to be owned. It is not uncommon for a client to fail to understand the difference between property held as tenants in common, as joint tenants with right of survivorship...