The month of August is national “Make a will month” which behooves me to write about estate planning. The archaic concepts of wills and estates can be maddeningly confusing for clients.
I like to say that death is the dividing line. There are documents that are effective before death and those that come alive after death. Power of attorneys and advanced medical directives are documents that operate while you are alive. When you die the power of attorney and advanced medical directive cease being effective.
A will becomes viable upon your death with the caveat that you probate the will. If you don’t have a will the laws of descent and distribution of the Commonwealth of Virginia dictate how and to whom your estate is devised. That is the key point of drafting a will. You have one last say from beyond the grave as to where your estate gets distributed. If you decide to create a trust while you are alive you have decided to legally create a vehicle to maintain your assets while you are alive and for when you pass. Regardless, a will is a necessary document for either strategy you implement for estate planning.
I like to tell my clients that you should never leave your life up to chance. Give yourself the gift of retaining the last word on your life. Contact a lawyer and get a Last Will and Testament. It might be the last thing you get to do.
Albert R. Hartley
Tired of news that feels like noise?
Every day, 4.5 million readers turn to 1440 for their factual news fix. We sift through 100+ sources to bring you a complete summary of politics, global events, business, and culture — all in a brief 5-minute email. No spin. No slant. Just clarity.