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Law Offices of Deborah G. Matthews

Law Offices


703.548.3699
info@dmatthewslaw.com

New Year, Fresh Start

February 27, 2013 by Deborah Matthews

The beginning of a new year is a time when many of us make a fresh start.  As you start to pull things together for your tax return preparation, it is a good time to look at your financial record keeping.  Were you organized last year in ways that made things simpler for you?  If your 2012 system was piles of receipts here and there, maybe your 2013 system can be folders for medical receipts, charitable contributions, and other items.

Maintaining Your Privacy

As you get annual privacy reports, take a moment to read them.  If you want to cut down on unwanted mail, tell companies you do not want your information shared.  When getting a medical test I read the privacy policy and was surprised that I was agreeing to receive fund-raising solicitations from the hospital’s foundation.  As the privacy policy provided, I wrote a letter to opt out of those solicitations.

 Who ARE Your Beneficiaries?

If you haven’t checked the beneficiaries you designated on your life insurance, retirement plans (IRA, 401(k), etc.) or health savings accounts (HSA) lately, this is a good time to do so.  Contact the company to have copies of your designations sent to you, so you can make sure they are still what you want.  Too often designations are made, never looked at again, and are outdated.  Have you named a successor in case your primary beneficiary does not survive you?

 One Size Fits All or YOUR Own Plan?

Have you had your own estate plan prepared or are you relying upon the one drafted by your state legislature?  State law provides a default estate plan for everyone.  Does your state’s match what you want?  As an attorney who drafts estate plans, I can tell you that for most people, it doesn’t.

What Do Your Estate Planning Documents Say?

 If you have put your estate plan in writing, do you know what your documents provide?  Whom have you named to make your medical decisions if you cannot communicate?  Have you provided copies to all of your health care providers and also the agents you named?  Your instructions cannot be followed if doctors don’t know about them.  If you become incapacitated, do you know how your bills will get paid?  Who is to administer your estate?

 Where ARE Your Estate Planning Documents?

Do you know where your original documents are located?  Having an original Last Will and Testament when there’s a death is very important.  Original Wills can be lodged for safekeeping for a very minimal cost for most Virginia residents ($2 each) and all Maryland residents ($4 each).  Regrettably this option is not available in DC or in some Virginia counties.  Your Will is then accessible only by you or the person you’ve named in your Will who has your death certificate.  In many places if the original Will is traced to your possession and it cannot be found, the presumption is that you destroyed it, not that it simply went missing. Then those trying to handle matters are forced to petition the court for permission to use a photocopy, a costly and time-consuming process.

 Is Your Trust Funded?

If your estate planning includes a revocable trust, have you transferred assets to it?  A funded trust means that if you ever became incapacitated that your successor trustee could use the trust’s assets to take care of you.  Additionally, assets owned by your trust are not subject to probate.

 Get Answers

 If you don’t know the answers to these questions, or you have other questions, then it is time to add one more thing to do, contact an estate planning attorney.

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Filed Under: General Information Tagged With: 401K, Answers, Beneficiaries, Documents, Estate Planning, IRA, New Year, Privacy, Trust

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Location

My office is located on
Tavern Square in
Old Town Alexandria

110 North Royal Street
Suite 575
Alexandria, Virginia 22314
Click for map & directions

Practice Areas

  • Estate Planning
  • Probate
  • Trust and Estate Administration

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Categories

Awards and Recognition

  • Exemplary Service Award from Mount Vernon Unitarian Church: for tireless efforts to support refugees around the globe, including the Afghan family that MVUC supports locally, with Co-Chair Roberta Finkelstein.
  • Door Opener Society member, Community Foundation for Northern Virginia, 2021
  • Fellow, Class of 2020, Virginia Law Foundation
  • Leader in the Law, Virginia Lawyers Weekly, 2019
  • Recognition from Delegate Paul Krizek for HB1559, extending renewal period for “Senior IDs
  • Fairfax County Public Schools, thank you for donating 2,000+ masks for vulnerable students- 2020
  • Recognition from Delegate Scott A. Surovell for suggested legislation HB1973 – Clarifying Control of Real Estate Brokerages
  • Fairfax Bar Association, Pro Bono Attorney of the Year 2012
  • American Gar Association GP|Solo, Chairman’s Award, for her leadership of the National Solo and Small Firm Conference, August 2008
  • American Bar Association GP|Solo “Star of the Quarter”
  • Fairfax Bar Association, President’s Award, 2006

Community Events

  • “Simple Estate Planning”, Northern Virginia Pro Bono Law Center CLE – training for lawyer volunteers to assist low income seniors and people with disabilities with estate planning.

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Deborah G. Matthews
110 North Royal Street, Suite 575
Alexandria, Virginia 22314

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703.548.3699
fax: 703 637.1325
info@DMatthewsLaw.com

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