Eagles Law Firm, P.C.
Summary
Main Office
400 32nd St
Virginia Beach,
VA 23451
Websites
Geographies
Office Locations
Main Office
400 32nd St
Virginia Beach, VA 23451
Family Law
Family law involves relationships of married couples, unmarried couples, or couples undergoing divorce. Additional family relationships that may involve lawyers include parent and child, unmarried parents, neglected children, foster care, and adoption, the rights of children and of course the rights.
Wills
• “Do I need a will?”
• “What will happen if I don’t have a will?”
•
“How do I make a will?”
These are only some of the many questions that often arise on the subject of wills. Of course, these laws can be very complicated. This pamphlet is designed to present simple and straightforward answers to commonly asked questions, and is not intended as a guide to preparing wills, or as a substitute for a consultation with a lawyer.
1. What is a will?
A will is a signed writing in which a person (often
referred to as the “testator”) directs what is to be done with his or her
property after death. Each state has its own very specific laws as to what is
necessary for a will to be valid in that state.
2. Who may make a will?
Any mentally competent person who is at least 18
years old may make a will. However, later proof of any fraud, duress, or undue
influence by another person on the testator may cause the will to be
invalid.
3. Who should have a will and why?
Every mentally competent adult should
have a will. Here are a few of the reasons:
• You can direct how you want
your property divided at your death.
• You can name the person you want to
handle your estate (called the “executor” or “personal
representative”).
• You can reduce the expenses of administering your
estate.
• You can save taxes.
• You can nominate a guardian for your minor
children.
• You may provide for a trust for the support and education of your
children without the necessity of costly court proceedings.
4. Must a will be witnessed? Must it be notarized?
In Virginia, the
signing of a will must generally be witnessed by two competent persons, who also
must sign the will in front of the testator. (An exception to the witness
requirement is made if the testator writes out the entire will in his or her own
handwriting, and signs and dates it.)
Although the law does not require a
will to be notarized, it is a highly recommended practice, followed by most
lawyers. If the testator’s and witnesses’ signatures have been notarized, the
will is presumed to be properly executed and is accepted by the court without
testimony from the witnesses.
5. How long is a will valid?
Your will is valid until you revoke it,
generally either by physical destruction (tearing or burning it up, for example)
or by signing a superseding will or written revocation. However, if you get
divorced after signing a will, the law may consider the will partially revoked.
Also, if you are married, your spouse may have rights in your estate regardless
of what is provided in your will.
6. May a will be changed?
Your will does not take effect until you die;
therefore, it can be changed at any time during your life as long as you are
mentally competent. Traditionally, wills were changed by an amending instrument
called a “codicil,” but with the development of modern word processing
technology, it is usually better and just as easy to sign an entirely new will
when you wish to make a change.
7. What happens if you don’t have a will?
If you don’t have a will, a
state statute directs who will receive your property, regardless of your wishes.
In Virginia, if you are married, your estate generally passes entirely to your
surviving spouse; however, if you have children who are not also the children of
your spouse, your children divide two-thirds of your estate, and your spouse
takes the other one-third.
8. Is joint ownership a substitute for a will?
In most cases, joint
ownership is not an acceptable substitute for a will. Contrary to popular
belief, joint ownership of assets between husband and wife often results in
excessive estate taxes. Joint ownership between parent and child may foster
disputes between family members and cause unexpected and unnecessary gift
taxes.
9. Is a living trust a substitute for a will?
A funded revocable
(“living”) trust can be a valuable and important part of the estate plan for
many people, but it does not eliminate the need for a will. If you have a living
trust, you will still need a will to dispose of those assets that have not or
cannot be placed in the trust.
As useful as they are, living trusts are not
appropriate for everyone. Only your lawyer can tell you if you should consider
one, and only your lawyer should prepare it.
10. Who should draft your will?
A person who drafts a will must be
familiar with the law in order to avoid the many pitfalls and to comply with the
formalities necessary to assure the will’s validity. Only a practicing lawyer is
professionally qualified to give you advice regarding your will, to prepare your
will, and to supervise its signing.
Practical Suggestions
Planning your
financial affairs is a very personal and individual matter. You should decide
for yourself the general purposes you wish to accomplish, then consult with your
lawyer and any other advisors (accountant, financial planner, life insurance
agent) to plan properly how to accomplish your goals.
Take these four practical steps to save time and help assure a sound result:
1. Inventory your assets. List in reasonable detail all of your property,
real and personal, life insurance polices, and retirement plans, with your best
assessment of their values.
2. Inventory your liabilities. List all debts and
obligations, including principal amounts, payees, and essential terms.
3.
List your family members and any other persons whom you wish to participate in
your estate. Decide who might be an appropriate executor, trustee, or guardian
for your minor children.
4. Decide what you want to accomplish. Determine
what your objectives are, and to whom you wish your assets distributed.
Then meet with your lawyer and other advisors to work out the details and prepare the necessary documents. Be sure to carry your working papers, list of assets and liabilities, and life insurance policies with you.
