by Jonathan A. Nelson
As mentioned in my post on nonmarital relationships, marriage is something for which Virginia law has default rules. These rules are mostly balanced and usually not bad rules, but they may be different from what you want or expect, and can be a bit cautious and therefore inefficient, particularly where potential conflict is involved. Estate planning documents can deal better with most circumstances.
If you die married with no children and no planning documents, your spouse would get everything and be administrator of the estate (as long as he or she didn't delay qualifying). Even a bare-bones will, however, can reduce the time and expense of administration, avoid third parties’ ability to step in, and provide order in a difficult time. In addition, the will can provide contingency planning, provide for other people or causes important to you, and avoid losses with assets requiring active management (such as a rental property or business entity) or which are complex or sentimental.
If you have a prenup or a prior marriage, you may need a will (or even a trust) to fulfill your obligations. Powers of attorney and medical directives are useful for spouses to assist one another with ordinary tasks and ensure that your rights apply easily in other states if you travel or move.
A will is necessary to appoint guardians for your minor children, and a will or a trust is useful for setting custodians and conditions for the resources they will need should something happen to you. It can even be helpful to name temporary guardians so the children can be placed with an in-state family you choose during the time between your passing and the court's confirmation of an out-of-state guardianship. These terms in particular need periodic updates.
Started a college savings account for your kids? That is great, but there are also a few things you need to make sure are taken care of — which I will address in the next article.
Next in this series: 529s and Estates
Virginia attorney Jonathan A. Nelson uses his extensive legal knowledge and trial experience to resolve conflicts, negotiate settlements, navigate compliance matters, and vigorously advocate in the courtroom in order to achieve the best possible outcomes for his clients. He practices in estate planning, probate, trust and estate administration, corporate law, and civil litigation related to these fields.
The attorneys of Smith Pugh & Nelson, PLC, offer the experienced counsel, personal attention, and customized legal services needed to address the many complex issues surrounding estate planning, probate, and trust administration. Contact us at (703) 777-6084 to schedule a consultation.