Estate Planning in Virginia: FAQs
- What is an Estate?
- What is a Final Will & Testament?
- What is a Living Will?
- I’m Young and Healthy – Do I Need a Will?
- What Happens if I Don’t Have a Will at the Time of my Death?
- Am I Able to Make Changes to my Will After it’s Completed?
- Do I Need Witnesses for my Will?
- Does a Will in Virginia Need to be Notarized?
- Who Should Prepare my Will?
- What Does it Mean to be “Incapacitated” or “Incompetent”?
- What is Probate?
- What is a Revocable Living Trust?
- What is a Durable Power of Attorney (Asset Management)?
- What is a Medical Power of Attorney?
- What is an Advance Medical Directive?
- Why is Having a Will/Estate Plan Important?
- How Long Does the Estate Planning “Process” Take in Virginia?
A Will designates a trusted individual to carry out your instructions for your medical care and the distribution of your estate when you pass. This trusted individual is called an “Executor.” Establishing a Will, Living Trust, Power of Attorney and an Advance Medical Directive allows you to decide, proactively, who receives your assets, when and how your assets are distributed, and who makes decisions on your behalf regarding your medical care and finances if you are unable.
Additionally, you may reduce administrative expenses and save on taxes when you leave an estate plan behind. If you have minor children, you may designate who is to take guardianship over your minor children and how to administer your estate for their benefit should an untimely passing occur.