Guide to Making a Will in Virginia: Essential Steps and Considerations

Making a will is an essential legal document that allows you to outline your wishes to distribute your property and assets after you pass away. Specific requirements must be met in Virginia for a will to be valid.

Step 1: Determine Your Assets

The first step to owning a will is to determine your assets. This includes any real estate plan, personal property, and financial investments. You should also consider any debts you owe, as they may impact how your assets are distributed.

Step 2: Decide on Your Beneficiaries

Once you have determined your assets, you must decide on your beneficiaries. These individuals or organizations will receive your assets after you pass away. You may leave your assets to family members, friends, charities, or other organizations.

Step 3: Choose an Executor

The executor in your will is tasked with administering your estate plan and making your final requests. You should find someone you trust to serve as your executor. It might be anyone from a close friend or relative to an expert like an estate planning attorney or accountant.

Step 4: Write Your Own Will

You must be above 18 and of sound mind to make a will in the Commonwealth of Virginia. In case of any changes, you must put it in writing and have two witnesses sign it. In addition to being adults, the witnesses to a will must also be excluded as beneficiaries. The following details should be included in your will:

• Your name and address.
• A statement revoking any previous wills or codicils.
• The appointment of an executor.
• Any specific instructions for the disposition of your assets?
• A provision for the care of any minor children.

Step 5: Store Your Will Safely

You should store the written will safely and securely. You may keep it in a fireproof safe or with your attorney. It is essential to let your executor know where your will is located.

Step 6: Review and Update Your Will

Reviewing and updating your will periodically is essential to ensure it reflects your current wishes. You may need to update your choice if you acquire new assets, have a change in family circumstances, or if there are changes in the law.

Probate Process in Virginia

After a person passes away, they typically go through a legal process called probate. In Virginia, the probate process involves submitting the will to the circuit court in the county where the deceased person lived. The probate court will then appoint an executor and oversee the distribution of the dead person's assets according to their will.

Intestate Succession

If a resident of Virginia dies intestate, their property will be dispersed by state law. This means the probate court will decide how the assets will be distributed according to the law. It's possible that the distribution won't reflect the deceased's preferences.

Trusts

In addition to a will, consider creating a trust. In a trust, a trustee manages assets on behalf of a beneficiary. Trusts can help protect assets, minimize taxes, and avoid the probate process.

Living Will

If you cannot communicate your intentions regarding medical care, a living will legally bind those decisions to you. Two additional witnesses are required to sign a living will in Virginia.

Power of Attorney

A power of attorney lets another person make decisions on your behalf. If you can't make decisions for yourself, this can be helpful. A notary public must witness a power of attorney in Virginia.

What happens if a person dies without making a will in Virginia

If you die without forming a will in Virginia, you are said to have died "intestate." In this case, the state's intestate succession laws will determine how and to whom your property and assets are given.

Intestate succession laws vary by state, but in Virginia, the distribution of assets is generally as follows:

• If you are survived by a spouse without children or parents, your spouse will inherit everything.
• If a spouse and children survive you, your surviving spouse will inherit your property and one-third of your real estate, while your children will inherit the remaining two-thirds.
• If you are survived by children but no spouse, your children will inherit everything.
• If your parents survive you but have no spouse or children, your parents will inherit everything.
• If siblings survive you but have no spouse, children, or parents, your siblings will inherit everything.
• If more distant relatives survive you, the distribution of your assets becomes more complicated and may involve multiple relatives sharing in the inheritance.

It's important to note that dying intestate can entail your property being split up in a certain that doesn't align with your wishes. Creating a valid will ensures that your assets are distributed according to your wishes, not state laws.

Trust vs. Will in Virginia?

A will outlines how your property and assets should be distributed after death. You need to appoint an executor. He will oversee the distribution of your assets according to your wishes. A will only take effect after you die, and it goes through the probate process in Virginia, which can be time-consuming and expensive.

A trust is created during your lifetime to hold and manage your assets. You can transfer ownership of your purchases to the trust while you are alive. A designated trustee will manage the assets in the trust according to your wishes. A trust can provide several benefits, such as avoiding the probate process, protecting your assets from creditors, and providing for the ongoing management of assets for beneficiaries.

A will only cover assets in your name alone at your death, while a trust can protect assets you have transferred to the trust during your lifetime.

Ultimately, choosing between a trust and a will in Virginia depends on your circumstances and goals. An experienced estate planning attorney can help determine the right tool.

Can you make changes to a valid Will in Virginia?

Yes, you can make changes to a valid will in Virginia. This is known as amending or updating your choice, and it's a good idea to do so if your circumstances or wishes change over time.

A new will can be executed in Virginia. You can create a legal document called an amendment to augment or alter your existing will. It must be in writing, with your signature, and attested by two unbiased parties, just like a will. You need to review it regularly and revise it as needed.

Changes in your wishes regarding how your assets should be distributed.

It's also essential to store your updated will or codicil in a safe and secure location, such as with estate planning attorneys, in a safe deposit box, or in a fireproof safe at home.

Conclusion

Making a will in Virginia involves several essential steps, including determining your assets, deciding on beneficiaries, choosing an executor, writing the will, and storing it safely. Other important topics to consider include the probate process, intestate succession, trusts, living wills, and powers of attorney.

An attorney can help ensure that your wishes are accurate. Overall, updating your will in Virginia is a straightforward process that can ensure your wishes are accurately reflected in your estate plan.