Wte Article

By | Shafeek Seddiq

What is a Will?

A will, also referred to as the last will and testament, is one of the most common Estate Planning tools used in Virginia. A sill is a legal declaration of your intent to distribute your real and personal property after you die as you wish and not how the law says it should be distributed. Having a will protects your family and loved ones.

What does a Will do?

• Name a personal representative who will carry out your wishes.
• Name a guardian to care for your minor children.
• Specify those you want to receive your home, car, and other property and assets, and when and how much they should receive.

What does ‘Dying Intestate’ in Virginia mean?

A Will is used to save your loved ones from the long, costly intestate — dying without a will — probate of your assets.

If you die without a will, your property is subject to Virginia Intestacy Laws. The law then decides who gets what amount of your money and property, which may result in something you hadn’t intended nor wanted had you been alive. It may also be costly and time-consuming to probate, which certainly no one wants to make their loved ones go through.

To ensure that what you own goes to those you want, it is best to have a will that outlines who your devisees or beneficiaries are and what property they should receive. You should also name a personal representative who will carry out your wishes accordingly and save your loved ones from the headache associated with the distribution or probate of a will.

Who should I name as my Personal Representative?

A Personal Representative or Executor is the person you name in a will who will make sure your wishes are carried out as you have outlined. This person would take care of everything, from your funeral arrangements and costs to taking care of your creditors, to fighting those who might challenge your will to ensuring your loved ones receive what you left them. As such, careful consideration should be given to selecting your personal representative. It is recommended that the personal representative should be someone that you trust, who is honest, good with finances, and has the time to manage the tons of work.

What is probate and does a Will avoid probate in Virginia?

Probate is the legal, court-supervised process of distributing your assets according to your will. The process starts with collecting an inventory of all your probate property and distributing accordingly after all expenses are paid.

A will does not avoid probate of your estate. Whether you die with or without a will, your estate might be subject to probate. A will makes it easier on your loved ones to distribute your estate as you wish, and helps reduce costs, time and potential taxes. It is a way to protect your loved ones from the costly and messy process of intestate probate.

Do I need a lawyer to create a Will?

Navigating Virginia and federal laws related to inheritance can be overwhelming at times. It depends on your objectives and estate; each will can be a varying degree of complexity that may require the services of a lawyer. After consultation with a lawyer, you may just need a simple will, or a will creating testamentary trusts, or a pour-over will, depending on your situation.

A lawyer can explain the laws, the types of wills, and advise you on the best instrument suited for you and your family to achieve your goals. There are also other tools that you may want or require such as advance medial directive, power of attorney, or trusts. You may also need to get advice from an accountant who is a tax expert, a wealth management expert or a corporate trustee.

We would be happy to answer any questions you have about setting up a will, trust, power of attorney, advance medical directive as part of your Estate Planning.

Just give us a call at (703) 558-9311 or visit our website at www.seddiqlawfirm.com. Send us a message at info@seddiqlawfirm.com to set up a free consultation to discuss your specific wishes.