Whether you are young or have plenty of years under your belt, you likely have at least some type of asset to your name. That asset should always be protected in the event of your passing so you can make sure that those you care about most are taken care of. Of course, that’s only the beginning of everything a will can offer. Protecting your assets and deciding where they go is just one benefit of a simple will in the Hampton Roads area, which includes Chesapeake, Norfolk, Newport News, Virginia Beach, and other cities.
You may have a comprehensive estate, multiple assets, just one asset, or nothing at all, but a will has a multitude of benefits under Virginia law that you won’t want to miss. That is why it’s so important to talk to an attorney about getting a simple will that is specialized to your unique needs. At the Montagna Klein Camden law firm, our experienced simple wills attorneys are happy to help you with the probate process for this important legal document.
Many people think that wills are something only the elderly need to consider, but even young people likely have assets to consider. It is generally a good idea to get a will and estate planning lawyer right when you turn 18. Just because you don’t have any assets that require a complicated settlement package or a living trust like real estate does not mean that the assets you do have aren’t important.
One of the most common assets an 18-year-old can have is money from a good job or an inheritance. This applies even if the inheritance hasn’t taken effect yet. A will can be used to plan for future inheritances as well as current assets and anything else that legal advice suggests. Think of it like a disclaimer for your wishes regarding your assets.
While a simple will and a living will are similar, they govern different aspects of your life. With a simple will, much like a last will and testament, you get to dictate how your assets will be distributed in the event that you pass away. Meanwhile, a living will details how medical life decisions will be made for you if you cannot voice your wishes yourself. It also dictates who will handle advance medical directives for you.
Simple wills are more common because young people typically don’t have to worry about health care issues as much as older individuals. Still, it can be useful to have both a simple will and a living will, even if you are young so that all of your bases are covered in the event of an accident or unforeseen illness.
Several legal elements are essential in any kind of simple will. For the most part, you’ll need to have the three following elements described in detail for the simple will to be an effective representation of your wishes.
The bulk of your simple will should detail asset distribution. Specifically, it should describe who will receive your assets (which include all the items you own) and how those assets will be distributed. If you have a large amount of money, for example, it is possible to set up a will that will slowly release that money to your beneficiaries.
If you want your child to have a specific guardian in the case of your passing, you will need to detail that specifically in the will. If you do not name someone, the court will decide for you. While the court generally makes those decisions based on the best interests of the child, it may not go in the direction you’d prefer.
Finally, there needs to be some kind of representative named in your will who will ensure it is carried out properly. This is also known as having power of attorney. This is the person who will be managing your assets and distributing them to the right people at the right time. The limit of their power should also be detailed so that they have enough to carry out your wishes but not enough to negatively impact your loved ones.
Yes, you can modify a will as much as you like in Virginia Beach, and it may even be a good idea to do so in some cases. Still, you will need to follow the appropriate steps for modification to see that it is carried out properly. The first step is deciding whether to start from scratch or simply add to the already established will.
If you’re looking to start over, you will need to revoke the previous will and draw up a new one. The new one can be similar to the old version, with you being free to change as much or as little of the original as you like. If you just need to add something, though, such as an inheritance for your newborn child, you can create a codicil. A codicil amends the terms of the will without the need to create a new one. The practice areas of any lawyer or paralegal you hire for this should extend to will modifications.
Wills can be changed for a variety of reasons, and all you have to do is submit the proper paperwork to get the job done. Some of the most common reasons for modifying a will are getting a divorce, having a child, or experiencing some other kind of change in your family dynamics. Just make sure you have help from a will attorney to oversee that everything is filed correctly, legally binding, and valid.
Estate planning and asset protection can be complicated, and it’s normal not to know where to start. That’s why we’re here to help. Talking with an estate planning attorney can help you get your simple will in order with a specialized plan unique to your needs. Everyone’s assets and families are different, so you’ll need an attorney who can work within your situation rather than applying a one-size-fits-all solution. Additionally, you’ll need an attorney who is affordable yet accomplished.
One of the most important aspects of Montagna Law is that we offer family law services for everyday people. That means our rates are affordable, letting you enjoy end-of-life planning with peace of mind knowing that what you plan to pass on will not be impacted by attorney fees or troublesome legal issues.
Make sure your assets are passed on in accordance with your wishes. A client relationship with the law office of Montagna Klein Camden can help you draft and validate a simple will that will detail how all of your assets will be distributed in the event of your passing. It’s never too early to draft a will. Get your consultation started today by filling out our online contact form or calling us at 757-622-8100.
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