Do you need a will?

If a person dies without a valid will, they die “intestate.” State intestacy laws decide who receives estate assets. For example, in Virginia the surviving spouse receives all of your estate, if that spouse is the parent of your children or the deceased had no children. In Virginia the augmented estate law give additional statutory protection to the surviving spouse.

In contrast, a will allows you, rather than the state, to decide who will receive your assets and when those persons will receive the assets. Only a qualified attorney with knowledge of specific federal and state law requirements should draft such documents.

Certain provisions are common in wills:

Executor. The Will designates whom you name as your executor. This person is the one who will administrator the provisions of your Will. Under Virginia law the Executor will file the Will, be qualified by the Court, take control of the assets passing under the Will, prepare the inventory, make accountings to the Commissioner of Accounts and complete the administration of the probated estate. The executor is responsible for paying debts and taxes from estate assets and distributing remaining assets to beneficiaries as named in the Will.
Guardianship. Your Will may and should provide for a physical guardian of your minor children in the event you are the last parent to die. If the will fails to do so, the court will appoint a guardian based on its own discretion.
Trust. There are many different types of Virginia Trusts that should be considered in estate planning. The Testamentary Trust is one that is created at the time of your death within your Will. This Trust is used in many cases to tax shelter funds and to provide systematic distribution for children. The Living Trust is another type that may be helpful but needs to be discussed. When creating any kind of Trust the Trustee should be carefully considered.

Other documents are often associated with an estate plan, even though they are separate documents.

Medical Directive. Virginia has a statutory medical directive (also known as the living will) which has withstood the Court systems. This directive normally instructs the medical professionals regarding the extent to which they should use life support systems in cases of terminal illness.
Medical Power of Attorney. Under Virginia law this document can be as expansive or limited as desired, granting a named person or persons to make medical decisions on your behalf or with the consultation of the medical community. This document is extremely important and should be thought through with your attorney.
Power of Attorney This document is commonly used as one in which an named person makes financial and other management decisions on your behalf. In most cases this document is stated as a durable power meaning that it stays in effect when you become incapacitated. There are special powers of attorney available under Virginia law that are limited both in time and subject.

Over time, family and business situations change, as do laws and taxes. A Will and its accompanying documents need to be documents reviewed by you on a regular basis to be sure they continue to encompass your feelings and desires.

Call 703-790-5244 to make an appointment today.