Have you set up any type of wills and has your family been giving instructions on what to do if the unthinkable happens? In fact, set up your free consultation to determine what is the best plan of attack for you.
Va Beach Office
Phone: (757) 481 6600
Fax: (757) 496 9063
1432 N Great Neck Rd, Suite 101
Va Beach, VA 23454
Phone: (571) 970 3317
Fax: (571) 970 3219
3100 Clarendon Blvd, Suite 630
Arlington, VA 22201
Each of us, at a minimum, should have a will.
Just as you plan for major life events, plan to protect your family after death as well. In fact, Having a proper plan put together can be the difference between financial chaos and peaceful mourning.
A will is a legally binding document directing who will receive your property at your death. However, If you do not have a will, the state will determine how your property is distributed by statute. In addition, a will also appoints a legal representative (called an executive or a personal representative) whose responsibilities are to carry out your wishes. A will is also important if you have minor children since it typically allows you to name a guardian for them in the event of your passing.
In short, it is important to note that the will only covers property which will pass through the probate process. there are many types of property or forms of ownership which will result in property passing outside of probate or by operation of law. Example: Jointly owned property, property in trust, life insurance proceeds, and other property with named beneficiaries, such as IRAs or 401K plans, all pass outside of probate and are not covered under a will.
Despite the name, Living Wills aren’t the same as a Last Will and Testament. A Last Will is a document that an individual uses to delineate where they want to leave property upon passing. Moreover, a Living Will, also referred to as a “directive to physicians” or “advanced directive,” is a document that defines one’s wishes with regard to end-of-life medical care in the event they are incapable of doing so. Living Wills have no effect after death.
Power of Attorney
A power of Attorney is a legal document executed by an individual usually contemporaneously with a testamentary document such as will or trust. Moreover, Within the terms of this document, the signor gives a named individual the right to handle the affairs after his lifetime. In fact, there are two types: Medical power of attorney, which gives power over medical decisions, and a financial power of attorney regards money-related matters.
There are 3 popular and effective ways to transfer assets upon your death: For instance, Wills, Revocable Living Trusts, And Operation of Law. Most planned estates utilize a combination of these.
In short, if you die without a will, your assets will be distributed by the state under state law. Things may or may not be distributed the way would prefer.