Last Will And Testament
At the center of every estate plan is a will. And although most people understand the basic purpose of a will — to set forth what happens to your assets when you pass away — there is much more to a will than simply writing a list of which relative or friend receives your bank account or your China dishes.
Remarkably, around 55 percent of American adults don’t have a will. Many of these people believe they don’t need a will because they do not have a lot of assets. Others don’t create a will because they don’t want to think about death. The reality, however, is that creating a will is one of the most unselfish tasks you can accomplish. Creating a will allows your family and friends to have a much easier time distributing your assets when you pass away than if you had not created a will at all.
Taking Care Of You And Your Loved Ones
At the Law Office of Deborah N. Arthur, we want to make sure your loved ones are taken care of and not burdened with additional stress when you pass away. We are a compassionate, understanding law firm that will take the time to get to know you, your situation and your desires. We can help you make sure every aspect of your estate is in order and figure everything out ahead of time to give you peace of mind now, and your loved ones peace of mind once you’re gone.
Wills are not just for the wealthy or for older people — wills are needed by everyone. Wills can accomplish a variety of goals, including:
- Assets — Naming who you want to receive your assets is the most basic and common purpose of your will.
- Guardians — Naming guardians for your minor children is one of the most important goals accomplished through a will. You love your children more than anything — you want to make sure that if something happens to you, your minor children are being taken care of by individuals that you completely trust.
- Creating trusts — Many times you may not want to leave an individual your assets or money outright, but would like it put in a trust for them at the time of your passing. A great use of a trust is when you have minor children you want to leave your assets to, but you know they would not be ready to manage the funds before they reach a certain age. In creating a trust, you can name a trustee who will manage the property and money on the beneficiary’s behalf. Funds in the trust can be used for the beneficiary’s health, education and well-being while it is held in trust and then distributed to the beneficiary outright once they reach the age you specified in the trust.
- Naming executors and trustees — Your will can also name the person you want to be executor of your estate. An executor is the person who will take your will to be probated and will handle the distribution of all your assets per your will’s instructions. Your will can also name trustees of any trusts you created under your will. Trustees are the persons who manage the funds put into any trust for the benefit of the beneficiaries of the trust.
You — Not The State — Should Determine Who Gets What
A will is a very important document that every individual should execute. It is also important that your will be drafted by an experienced estate planning attorney in order to make sure it conforms to your specific situation and also complies with all the formalities required under the law.
Without a will, your assets would be distributed as per the intestate laws of Virginia. These laws may or may not be what you would want to happen to your assets. Thus, you want to make sure you have a will that lays out all of your goals and desires. By having a will, you are leaving fewer worries for your loved ones to deal with when you pass away.
Contact the Law Office of Deborah N. Arthur today by emailing us online or calling 703-278-2028. We invite you to sit down with us to discuss your estate plan as a whole, to make sure your goals are met and to protect your loved ones from unnecessary stress when you pass away. From our office in Annandale, we help people throughout Northern Virginia.