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Why does one need a will?
Creating a Will is a straightforward, quick and inexpensive process that can save your family and heirs from emotional stress, family discord, and greater estate administration expenses. This process usually takes about two and a half hours of your time, and is invaluable in protecting your loved ones. Writing a Will puts you in control of the disposition of your assets rather than relying upon the default rules of law in Virginia. These rules are called the Intestacy Laws and are the state's way of guessing how you would have wanted to distribute your property. These laws may not distribute your property as you would have wished. Writing a Will encourages you and your family to discuss and create a legal plan to be prepared for incapacity and/or death. Understanding your plan and knowing it is in place serves many different purposes. First, it will relieve the stress and anxiety of not knowing what would happen to your family in the case of a premature death. Creating a plan enables you to organize your assets so that estate settlement is as tax efficient, and as quick as possible. Creating a plan helps to reduce the chance of family members arguing over property distribution which can help to reduce emotional stress at a difficult time. If one has small children, it is important to name guardians in your Will. If both parents were to die simultaneously with no Will, the court system will determine who raises the children until they reach eighteen years of age. This person may not be the most appropriate person possessing a similar parental philosophy, character values or the desired religious background. Finally, it is particularly important to have a Will in place for those individuals who are married for the second time. If a person who is married for the second time and has children from a prior marriage dies without a Will, the surviving spouse will receive one-third of his/her estate with the remaining two-thirds passing down to his/her children. This may be an unwelcome surprise during an emotionally stressful time. In conclusion, when it comes to dealing with incapacity or death of a family member, being proactive is always better than being reactive. Protect yourself and your loved ones by creating your own plan. Written by: Lorren T. Johnston, Esq. |
