By Attorney Robert T. Brooks June 6, 2019
Many people ask me, “when should I create a Will”. My answer is as long as you are 18 years of age and of sound mind, you should have a Will. Many people procrastinate and do not put a Will in place until later in life, but if you are 18 years of age, you and your family could benefit from you creating a Will.
On its website, the Virginia State Bar lists a few of the reasons every competent adult should have a Will. They are listed below with a few additional questions you may want to ask yourself.
Although there are many reasons to have a Will the Virginia State Bar list’s the following major ones and I have added a few questions below each one that you may want to think about:
- You can direct how you want your property
divided at your death.
- Do you have children you want your property to go to?
- Do you want your parents to have your property or do you prefer it going to your siblings or another individual?
- You can name the person you want to handle your
estate (called the “executor” or “personal representative”).
- Who in your family or close friends can handle the process of administering your estate while at the same time dealing with the emotional stress of losing you?
- You can reduce the expenses of administering
- A knowledgeable estate planning attorney can direct you on how to gift your assets during your life or after your death to reduce the expenses upon your estate.
- You can nominate a guardian for your minor child
- No one can raise your children the way you do, but if you prematurely pass away, who would you want to take on that responsibility? Listing that person or individual can help your family avoid fighting over your children upon your passing.
- You may provide a trust for the support and
education of your children without the necessity of costly court proceedings
and choose the person you want to handle the trust.
- Do you want your child to receive all of your assets when they turn 18 or 21, or would you prefer them to be older? Proper estate planning will allow you to create a trust that will hopefully set your child up for success in the future.
These are just a few reasons, but as you can see, every competent adult can benefit from having a Will. Please don’t wait until it’s too late to plan for your passing. You will rest easier knowing your estate planning is complete and your family will appreciate it when your gone. Contact The Heritage Law Group today to set an appointment for a free estate planning consultation.