A will is essential at every stage of your life, providing you with the opportunity to distribute your property, establish care for your children and otherwise express your wishes for what will happen upon your death. A will is necessary if you intend to leave property to someone who is not your blood relative, e.g., a domestic partner, a friend or a charity. If you die without a will, the court determines how your property is distributed, who cares for your children and even what happens to your beloved pet — and the decisions the court makes might not reflect your desires. The estate planning lawyers at DeFazio Bal Law Firm can draft a valid will that accurately conveys your intentions so your final wishes will be honored.
Wills are not difficult to execute, but simple mistakes can render them invalid in whole or in part. Essential elements of a valid will include:
An error in the execution of your will can cause confusion in the court and rancor among your heirs. To make sure that your wishes can be carried out, let DeFazio Bal Law Firm draft a valid will.
As your life unfolds, your circumstances change and your concerns may shift. To remain current, you should review and update your will every three to five years. We review your will in light of your current finances, marital status and family situation. We draft valid codicils that address changes in your circumstances and outlook.
Your will allows you to make contingency plans for the care of your minor children. This is especially crucial if you are a single parent, but married couples must also consider the remote possibility of death in a common accident. If you have not named a guardian for your children, the court appoints one, who may make decisions contrary to your wishes. In your will, you can also make arrangements for the care of your pets, naming a guardian to take responsibility for them.
Drafting an effective will is more involved than drafting a valid will. DeFazio Bal Law Firm works closely with you to identify your legacy goals and advise you on the best means to achieve them. Sometimes, this means conveying assets via a will. At other times, disposing of assets via a will triggers estate taxes, sharply diminishing the value of the bequest. Often, when discussing financial and real estate assets, we uncover liability exposure that raises doubts about whether those assets could survive even a short run of bad luck. It is then that we discuss the need for a comprehensive estate plan, including a variety of trusts, that can protect your wealth for enjoyment during retirement, then transfer it seamlessly to your heirs without estate tax issues.
DeFazio Bal Law Firm drafts effective wills and comprehensive estate plans for clients in Chesterfield County and throughout Virginia. Isn’t it time you executed a will or reviewed an existing will? Call us at 804-729-0136 or contact us online to schedule a consultation at our Glen Allen office.