Five Things You Should Know About Making Your Virginia Last Will and Testament.
Under Virginia law, if you are making your own Virginia last will and testament, these are five things regarding what to know about a Virginia last will and testament :
First, you need to decide who your beneficiaries will be.
Your Virginia last will and testament should clearly state who your beneficiaries are. While most states require your spouse to be included as a beneficiary among your children, grandchildren and other family members, in Virginia you are free to include or exclude whomever you choose in your Virginia will. You can also name a charity, such as your church or a local shelter, as a beneficiary.
Second, you should determine what property each of your beneficiaries will inherit from your estate.
In making this determination you should keep in mind your personal belongings such as jewelry, collectibles, antiques, and pets, as well as assets, such as bank accounts, stocks and bonds, and real estate. Your will should clearly identify what property you would like each of your beneficiaries to inherit. In the alternative, you can specify what percentage of your estate you would like each of your beneficiaries to receive.
Third, you need to nominate a guardian to be responsible for taking care of your minor children until they become adults.
In Virginia if you do not designate a guardian for your minor children you may run the risk that custody of your children may be determined by a Virginia court. This could result in someone getting custody of your children that you would otherwise be opposed to.
Fourth, you need to decide what will happen to your remains after your death.
Under Virginia law, you can specify whether you would like to be cremated, buried, or allow your family to make the decision for you.
Fifth, you need to appoint someone to be the executor/personal representative of your Virginia estate.
An executor is a person you nominate to be in charge of settling your final affairs, such as paying bills and taxes, administering your probate estate, and carrying out your final wishes. In Virginia, your executor also is responsible for addressing any challenges that might be filed to contest the terms of your estate.
Once you make these important decisions, use SimplyWilled.com to prepare your Virginia last will and testament.
Once you have your final will, you will need to execute the document in the presence of two witnesses pursuant to the Simplywilled.com instructions for the execution of your estate. For more information about What to Know About a Virginia Last Will and Testament or other Virginia estate planning, check out our blog.