Virginia residents can take advantage of the clear vision instilled by the 2020 year by reviewing their will. The last will and testament provide information about who is the executor of the estate and who gets small and large property and assets upon a person’s death. A new year is a great time to review the will because many things may have changed.
AARP provides a list of important information regarding the purpose of wills. It is important for people to keep their will in a safe space that is easily accessible should they die. A person can specify who exactly gets what, such as personal mementos and certain property. A letter can accompany the will to deliver personal information to specific people.
Some people may never need to update their will. Revisiting the will is a good idea especially after life changes such as spousal death, separation, the birth of children or grandchildren, inheritances or marriage. AARP recommends reviewing the will at least every couple of years. If there is no will, make sure to create one with the new year to avoid leaving loved ones stuck in probate.
TwentyOverTen.com provides a snapshot checklist for planning a will. It recommends thoroughly reviewing the person chosen to be the executor based on their availability and capabilities. Review any guardianship designated for dependent children and the impact on the children.
Consider whether or not to have a trust especially with dependent children. Now is a good time to look at all the beneficiaries for retirement and insurance accounts. Then look at the possible tax implications of the estate.