The topic of death is not a typical subject for conversation. However, it often becomes necessary as a result of someone’s passing. It is never too early or too late to review the details of your last will and testament. In doing so, you leave a true legacy to the people and causes that matter to you.
Take the time to re-evaluate your will annually to make sure it still aligns with your most-current wishes and your estate. In doing so, you ensure that your loved ones understand your final desires regarding the administration of your estate.
Your personal estate may include your current home, other real estate, personal property, business investments and more. Dividing your primary assets through proper planning is the key to avoiding misunderstandings later on. If you die without a will in Virginia and have an estate valued at $50,000 or more, your estate must go through the probate process.
Do you have a nephew or grandson who admires your antique sports car? Or, perhaps your long-time neighbor would appreciate receiving a favorite chess set or record collection that you enjoy together. Leaving personal mementos to loved ones is a great way for your loved ones to remember you. Unless you designate a personal possession or financial gift, your close friends and second-generation relatives will not have a spot in your will. Take a moment to consider the people who matter in your life and how gifting them a personal possession can preserve your memory and positively affect them after you are gone.
Consider leaving a living legacy to a cause that matters. For instance, if you care about homeless animals, stipulate a monetary provision to fund 10 pet adoptions per year, either in your name or anonymously. Establish a trust fund or monetary payment for a cause or charity that you believe in to let your legacy live on.