Free Virginia Last Will and Testament
What is a Last Will and Testament?
A Virginia Last Will and Testament, when drafted and signed correctly by an individual who is an adult of sound mind, is a legal document that describes how your property or estate will be handled and inherited following your death. The one who creates a will is called a testator. Once they die, they could also be referred to as the decedent. The testator can also nominate a guardian for their minors in the document to make sure there is someone who can look after the children until they grow to be adults or until they reach a specific age.
|In a Virginia Final Will, the decedent usually also establishes a personal representative-or co-personal agents (two or more persons acting together in this capacity) to handle the estate matters. A personal agent is somebody who collects the information regarding the decedent’s financial debt and assets, pays off any outstanding debts using the assets, and makes sure that the decedent’s property is distributed as written in the last will, so this is a role with a great deal of responsibility. The personal representative decided on is commonly someone the will creator really counts on to see through their final will.
In case someone passes away without a valid Virginia Last Will and Testament (which for most states implies the document must be correctly witnessed, not just signed), somebody will generally be appointed by the probate court to function as personal agent and pay off the decedent’s outstanding debts, using assets as needed to do so. After that, the residual assets will be distributed among the decedent’s heirs as per the laws of the state the will creator lived in.
In several states, when one spouse dies leaving behind their wife or husband, that living spouse will get all the decedent’s assets in the absence of a Will document saying the contrary. In other cases, the testator might have determined a particular individual to inherit a life insurance policy, retirement account, or some other asset, and that inheritor designation will dictate who gets those assets without a Will document.
The critical thing to note is the fact that any person who wants to specify the way in which their possessions will be handled after their passing should write and appropriately finalize a Last Will and Testament to make sure their wishes are recognized and respected. Without a last will, you could be leaving it up to chance, the legislation of the state, or a lawcourt regarding how your last affairs will be wrapped up.
Legal Requirements for Last Wills in Virginia
Last Will and Testament is an extremely important document, no matter how old you are. This official paper will consist of a set of instructions for the executor upon how you wish your assets to be distributed among your inheritors.
The USA does not have a federal law regulating this issue, and the procedures of creating and validating the Last Will differ from state to state. Keep on reading to know more about how this paper works in Virginia.
According to the laws of Virginia, Last Will is not a document that all citizens must obligatorily execute.
In case the decedent did not leave a written Last Will, their property will be distributed the following way:
To make a Last Will in Virginia, you have to:
Creating this paper does not only grant you the right to choose how your property will be divided after death. You may also choose the executor that will perform the distribution, designate a legal guardian for minor children, or create a beneficial trust.
No Last Will becomes effective until it is proven in probate court.
You also have to take into consideration that the property owned in joint tenancy with the rights of survivorship will not be inherited by the relatives you include in the paper.
It is possible to change the Last Will you already made any time. To do so, execute a codicil. In case you wish to completely revoke the paper, destroy it or complete and submit another Last Will.
Last Will and Testament and Living Will are often viewed as one. However, make sure you understand the difference: the Living Will is a document that you execute to instruct medical personnel to provide particular health care treatment for you when you are no longer capable of speaking for yourself. This document has nothing to do with the distributions of your assets but will contain information concerning organ donation, life-sustaining manipulations, relieving pain, organizing the funeral, and other similar issues.
If you are unsure about how exactly you should complete, sign, and submit the form, consult a legal specialist in your residential area to learn more about the laws and regulations.
Last Will Forms for Neighboring States