In the Commonwealth of Virginia, only “interested parties” can contest a last will and testament. An interested party is any individual that has standing to challenge the estate and is usually someone who is entitled to receive property under the…
People often ask me if they should use an online will/trust package and avoid the time and cost of an attorney. I always tell them that there are two good reasons: First of all, these packages are notoriously general and…
One question few people ever ask themselves is this: “How do I create a will?” It’s a very good question, and it’s one that people really should ask themselves. Even if you’re still fairly young and healthy, you never know what may happen. If you die intestate, your family can end up dealing with the courts and other legal systems for years. To ensure that your last wishes are carried out, it is important that everyone create a will. But what do you need to create this important legal document?
Preparing a will may be something many people find a little morbid, but it’s a very important thing to do. Even though it does mean thinking about one’s own death, creating a will not only provides guidelines for the distribution of your property, it can also help protect your heirs. It will often save them money and time and it will also remove any question or doubts as to your final wishes and decisions.
A power of attorney is a document that gives one person the legal authorization to make decisions on someone else’s behalf. This power extends to many different business and legal matters. By executing a power of attorney, the grantor (sometimes called a donor or principal) is authorizing his or her agent to assume these legal powers. Institutions such as banks, hospitals, and the IRS require that power of attorney be done in writing.
Once you’ve created your last will and testament, you may believe you are finished with this depressing chore. However, over the years, you may find that you need to update or completely redo your will. There are a variety of things that can make this necessary, including marriage or divorce, having children, changing your beneficiaries, and/or selling or buying property. Here are some basic steps to keep in mind when changing your will.