Preparing for the end of life is an uncomfortable topic for many Virginians, which is likely why so few have taken steps to create a will. According to AARP, just 40 percent of Americans have executed this essential estate planning document, though the numbers rise significantly with age. Almost two-thirds of baby boomers and 81 percent of individuals aged 72 or older have a will, but the percentages are much lower for younger adults. The reasons people give for not creating wills vary—from believing they are too young or too poor, to simply putting it off.

Most of these reasons do not hold up and can actually harm your interests and those of your loved ones. A Charlottesville wills lawyer at the MichieHamlett Law Firm can explain the risks of not having a will, guide you through the preparation process, and ensure your wishes are properly documented. Please contact us today to schedule a consultation with an experienced estate planning attorney. You may also benefit from reviewing some general information about the relevant laws.

Role of a Will in Virginia Estate Planning

A will is one of the fundamental components of a comprehensive estate plan, as it enables you to achieve multiple goals:

  • You name a person to act as your executor for purposes of managing your assets, handling distributions to beneficiaries, paying creditors, and other tasks
  • You can bequest specific items to individuals as beneficiaries, and name individuals you want to receive the “residue” of your estate, i.e., any assets or amounts not specifically devised to someone
  • You can appoint someone to act as a guardian of minor children
  • You may waive the requirement that your executor purchase a surety bond, which would otherwise be necessary under Virginia law
  • If you have a trust or other estate planning, you can use your will to accomplish the arrangement. An example is a “pour over” will, which transfers your assets at death directly to a trust

Without a will, Virginia law governs these factors. The statutes dictate who will act as your personal representative, the beneficiaries that receive your assets, and which individuals will serve as guardians.

How a Lawyer Can Assist with Will Preparation

At the MichieHamlett Law Firm, our team can assist with all tasks related to creating your last will and testament. We start by consulting with you about your family, assets, and goals. Our attorneys will then advise you on what provisions to include to achieve your objectives, and we will handle drafting the will and reviewing it with you. Finally, our lawyers will help with signing and executing the will, since there are strict requirements to make it valid.

A Charlottesville Wills Attorney Will Advise You on Your Estate Planning Options

From this overview, you can see that dying intestate carries significant consequences for your legacy and your loved ones. To learn more about preparing a will, contact us at the MichieHamlett Law Firm to schedule a consultation with a Charlottesville wills lawyer. We can advise you on your options and help you get started on the estate planning process.