Frequently Asked Questions
- Why should I have an attorney prepare my will?
- I had a will prepared in another state. Is it valid in Virginia?
- Do I need to change my will if I wish to give certain items to specific friends or family members?
- Everyone tells me that I need revocable living trust. Should I have one?
- Will a revocable living trust protect my assets against the cost of nursing home care?
- How can I avoid estate taxes?
- Am I required to leave assets to my children equally in my will?
- Can my family contest my will?
- Should I have a power of attorney?
Why should I have an attorney prepare my will?
Preparing a will is so important, no matter how small your estate may be. It allows you, while you are still living, to ensure that your property will go to the people you want, in the way you want, and when you want. It permits you to save as much as possible on taxes, court costs and attorneys' fees; and it affords the comfort that your loved ones can mourn your loss without being simultaneously burdened with unnecessary red tape and financial confusion.
I had a will prepared in another state. Is it valid in Virginia?
If your will was properly prepared in another state, it is probably valid in Virginia. However, your family may be required to obtain affidavits from witnesses to the original will and you may have inapplicable or inadequate provisions.
Do I need to change my will if I wish to give certain items to specific friends or family members?
No. A list of tangible personal property dispositions can be incorporated by reference into your will. For example, if you wish to leave your silverware collection to your daughter, you do not need to specifically change your will. You can prepare a separate memorandum referenced in you will that leaves your silverware, or any other tangible personal property, to your daughter. The memorandum must be dated and signed. If you later change your mind, you can destroy or change the memorandum without signing a whole new will.
Everyone tells me that I need revocable living trust. Should I have one?
Most middle-class people do not need a revocable living trust. A properly funded revocable living trust may avoid the probate process in Virginia, but other more efficient means are available to avoid probate. Moreover, the probate process in Virginia is not terribly complicated.
Will a revocable living trust protect my assets against the cost of nursing home care?
No. All assets in a typical revocable living trust are deemed to belong to the trust grantor.
How can I avoid estate taxes?
If you die with less than $1 million total assets, including life insurance policies, IRA's and other non-probate property, your family will pay no federal and state estate taxes. Moreover, you can leave an unlimited amount of assets to your surviving spouse without any estate taxes due. For larger estates, a number of techniques are available, including, but not limited to the following: credit shelter trusts for married decedents, lifetime gifting, family limited partnerships and charitable annuities and trusts.
Am I required to leave assets to my children equally in my will?
No. In Virginia, you can generally leave your assets to anyone you wish. The only person that you cannot disinherit without restrictions is your surviving spouse.
Can my family contest my will?
Yes, but the chances of a successful challenge are minimized if the drafting attorney properly prepared the will and documented his or her file.
Should I have a power of attorney?
For many clients, this is the most important estate planning document. It is particularly helpful if you become incapacitated. A properly drafted power of attorney can avoid certain costly legal proceedings and can serve as a tool to protect your assets if you require nursing home care.
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