Do I Need a Will in Virginia?

The simple answer is that, if you don't have a will, the State of Virginia will decide what happens to your assets and children. The problem with letting the government decide your estate plan for you includes:

·          The Courts, with no input from you, will decide who is best capable of becoming the guardian of your children.

·          If you are incapacitated and can’t speak for yourself, you lose the ability to convey your wishes to doctors and hospitals and strangers may decide your fate.

·          More of your money will go to people other than your heirs. Added expenses in the administration of your estate that will take away from the total your family will receive.

·          Your entire estate could be released to your children in a lump sum of cash when they turn 18, an age at which they might not be best suited to handle the responsibility.

·          Possible delays and added expenses in making financial decisions and paying bills that will add unnecessary stress to an already stressful situation.
 

Depending on the size of your estate and your family situation, it is important to have the following documents as part of a complete estate plan:

·          A will, validly created and executed, that specifies your wishes for property distribution.
·          Documentation of your choice for guardianship of both your children and the assets left to care for them. It may make sense to have different people chosen for each role.
·          Documentation of a trust to manage the assets left for minor children that specifies when and under what conditions the assets will be released to their sole control.
·          Durable power of attorney that specifies a person that you trust that can step in if you are incapacitated to handle financial matters and pay bills while your estate is settled.
·          Advanced Medical Directive that sets forth your wishes to your family and doctors regarding your medical treatment, including whether or not you would like to make an organ donation.
 

Making these decisions and taking care of the documentation correctly now will greatly help your family cope with a terrible situation. It will also ensure that you will have a say in your family’s future and see that they are well cared for.

Call us today at 804-290-7990 to have a personalized, Virginia-specific will drawn up for you.