Wills
| I attended a seminar given by a well-established estate planning attorney. She told the group that approximately on in one hundred clients begin their estate planning consultation with the phrase, "if I die..." A survey conducted in 2006 by the website Findlaw.com found that majority of Americans (57%) do NOT have a will. Why is this number so low? One assumption is that many people do not want to think about their own demise. Another assumption is with our hectic schedules, family and work housekeeping matter such as a last will and testament fall by the wayside. Whatever the reason, one thing is for certain: if you die without a will, the state takes your decision-making powers away and supplants its own. This is especially disastrous when minor children are involved. In addition to a last will and testament, I strongly advise that you appoint a financial power of attorney (POA) and create an advance medical directive (sometimes referred to as a "living will"). Please see below for more information. |
When Do You Need A Will?
To dispose of property that does NOT constitute non-probate assets.
Non-Probate Assets include:
To reduce estate taxes.
To name fiduciaries
When do I Need to Change My Will?
Experience teaches us that the only constant in life is change. But we don't always keep up with the important
tasks - - such as updating wills and other important legal documents - - that should accompany big changes in
our lives. Your will should always be tailored to your current family and financial situation, not the one you
faced five years ago or maybe even just last year.
Here are some events that should nudge you toward making a new will and reviewing beneficiary
designations you've made for insurance policies, bank accounts, and retirement accounts.
To dispose of property that does NOT constitute non-probate assets.
Non-Probate Assets include:
- Life insurance proceeds
- Qualified retirement plan benefits
- Individual retirement accounts
- Annunities
- Jointly owned property with right of survivorship or tenants by the entirely
To reduce estate taxes.
To name fiduciaries
- An executor to administer the testator's estate
- The trustee of any trusts created by the will
When do I Need to Change My Will?
Experience teaches us that the only constant in life is change. But we don't always keep up with the important
tasks - - such as updating wills and other important legal documents - - that should accompany big changes in
our lives. Your will should always be tailored to your current family and financial situation, not the one you
faced five years ago or maybe even just last year.
Here are some events that should nudge you toward making a new will and reviewing beneficiary
designations you've made for insurance policies, bank accounts, and retirement accounts.
- You get married
- You are unmarried, but have a new partner
- You get divorced
- You have a new baby
- You have new stepchildren
- You acquire or dispose of substantial assets, such as a home
- You're married and move from a community property state to a common law property state, or vice versa
| Elizabeth McMaster Attorney & Counselor at Law, PLC |
Wills
Why Use An Attorney?
Many people treat a visit to the attorney's office the same as they would a dentist- it is a necessary evil and they
will avoid it if they can. Unfortunately, those who try to avoid the attorney's office by drafting their own will or
using an internet will, usually provide a trip to the attorney's office for their beneficiaries or personal
representative.
Many problems can arise if you use a do-it-yourself ("DIY") will. Here are just a few examples:
Why Use An Attorney?
Many people treat a visit to the attorney's office the same as they would a dentist- it is a necessary evil and they
will avoid it if they can. Unfortunately, those who try to avoid the attorney's office by drafting their own will or
using an internet will, usually provide a trip to the attorney's office for their beneficiaries or personal
representative.
Many problems can arise if you use a do-it-yourself ("DIY") will. Here are just a few examples:
- Laws do change. Although your DIY will may have complied with the law when it was drafted some
twenty-five years ago, the law does change and the will may now have some serious compliance problems.
Attorneys who practice in the wills area keep up-to-date on changes in the law and can advise you on these
changes. - Estate planning is serious. Once you are deceased, you can't change your estate plan.
- Minors. In the Commonwealth of Virginia, minors (those under the age of 18) cannot inherit money or
property. If your will does not have a provision for a minor's trust, the minor will have a guardian of his or
her estate appointed by the Circuit Court in order to manage his or her inheritance until reaching the age of
majority. - Disabled beneficiary. If you bequeath part of your estate to a disabled beneficiary, you could possibly
jeopardize their receipt of public benefits if your will does not contain a properly executed Special Needs
Trust ("SNT") . - Title to real property. Although you bequeath your property in your will, deeds are the controlling legal
documents that can affect ownership and mortgages. - Formalities. Wills are driven by the testator's intent; however, there are certain formalities that should be
observed upon the will's execution. Although the lack of the formalities may not preclude the validity of the
will, a proceeding may be brought in the Circuit Court to determine the validity and this will cost money.
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