Planning for the future is always wise, yet many Virginia families delay preparing for the inevitable event of death. This is especially common among couples without children. However, even child-free couples should prioritize estate planning. Here’s why creating wills and trusts is essential for them.
Planning for the future is always wise, yet many Virginia families delay preparing for the inevitable event of death. This is especially common among couples without children. However, even child-free couples should prioritize estate planning. Here’s why will and trust planning is essential for them.
Who Needs a Will in Virginia?
Everyone can benefit from having a will, but certain individuals and groups have an especially strong need for one. Without children, it’s especially important to have a will to designate who will inherit your assets. Without one, the state decides how your estate is divided, which may not align with your wishes especially if you are in a long-term, but unmarried, relationship.
What Happens to My Assets if I Pass Away?
All couples, particularly those without children, need a will. Without children, there are no automatic heirs to inherit assets upon death. While assets typically go to a surviving spouse, what happens if both spouses pass away? Without a will, the probate court will decide where the assets go. For this reason, childless couples should ensure their wishes are clearly outlined in a will. Will and trust planning in Virginia can be easy with the help of our lawyers here at ShounBach
Where Can My Assets Go When I Pass?
Couples without children may want to leave their assets to organizations that have impacted their lives, such as charities, religious groups, or their alma maters in addition to their family members and friends. Trusts can ensure these assets are distributed according to their wishes. A common option is a charitable remainder trust, which allows the individual to access the trust’s assets during their lifetime, with the remaining balance going to a designated charity after death. Another option is a charitable lead trust, which provides income to a charity while the trustor is alive, with the remainder being distributed upon their death.
Will and Trust Planning in Virginia
Although death is a difficult topic, estate planning is crucial and should not be postponed, even for couples without children. Virginia residents with questions about wills, trusts, or other aspects of estate planning can benefit from consulting a knowledgeable and experienced legal representative. The attorneys at ShounBach are here to help. We can assist people throughout Northern Virginia from our office in Fairfax. Contact us today at 703-222-3333 or through our online contact form to find out what we can do for you.
