Richmond Wills Attorney
According to a survey conducted by Caring.com, 24 percent fewer people had a will in 2020 than in 2017 even though 60 percent of people who were surveyed felt that estate planning was important. Frequently people avoid dealing with estate planning documents such as wills because they do not know where to begin. The first step is simply to reach out to a qualified Richmond wills attorney who can guide you through the process and ensure that Virginia law is followed so that all documents remain valid in the untimely event of your death.
Why A Will is an Important Estate Planning Document
According to the Virginia State Bar, if a person dies without a will or other estate planning documents, the entirety of their estate will pass on to their spouse. The exception to this is if you have children that are not your spouse’s children, in which case they, or their descendants, split two-thirds of the assets while your spouse receives the final one-third. Not everyone wishes for their estate to be split this way. A will allows the following:
- For an individual to determine how assets are divided up among their loved ones, including property;
- For an individual to name who they want to handle their estate. Having an executor handle the estate instead of leaving it to the court system helps reduce the expenses associated with administering the estate;
- If an individual is a parent, creating a will allows them to name a guardian for any children under the age of 18; and
- For a trust to be set up. A trust names a trustee, who is legally responsible for controlling assets and beneficiaries, who have the property distributed to them according to the deceased’s wishes. This is frequently used to help provide for minor children as they age.
Why It is Critical to Have an Attorney’s Guidance with Will Preparation
An attorney will be able to assist you in creating a detailed and comprehensive will. They also ensure that you are following all Virginia laws and that everything is properly signed and documented. This prevents a family member from arguing against the validity of the will after your death and contesting it in court. In the event of life changes, such as a divorce or birth, an attorney can help with the appropriate updates of the will to reflect your most current wishes.
The Richmond Wills and Estate Planning Attorneys of MichieHamlett Can Help
Do not procrastinate on creating a will for your estate. Many people view estate planning as something to consider once they are older or for when they have significantly more assets than their current situation. However, it is never too early to put in writing what you want to happen to your estate if tragedy strikes so that your family is not left to deal with the fallout. The Richmond wills attorneys of MichieHamlett can answer any questions you may have, advise you through the process, and make sure all legal documents are properly prepared. Contact our offices to learn more.
