Choose to Declare Your Simple Will, Power of Attorney, and Medical Agent
Declaring a will can be simpler than many people imagine. Nominating a power of attorney and a medical agent can be even easier. There are several reasons to declare a will, nominate a power of attorney, and nominate a medical agent. Many people are undecided as to whether they need a will. Some of the many reasons are discussed here.
Contact our dedicated office in the heart of Forest, VA to discuss how we can help guide you through this process to individualize your will planning, power of attorney, and advance medical directive. The process may seem daunting but most people find it is not as tough as they anticipate.
5 Reasons to Declare a Will.
1 Control What Happens With Your Assets
Declaring your intentions and wishes in the form of a will controls the disposition of your assets and avoids your assets passing according to Virginia’s intestate statute. Without a will, the Code of Virginia controls the disposition of your assets. Many people who come in for consultation are not aware of exactly how their assets will pass if they do not have a will. Often, intestate succession is not consistent with an individual’s preferences. Each person has unique family and personal connections that can be addressed. As one size does not fit all, the intestate succession rules are not best for everybody. Also, contingencies can be expressed in your will to help the document remain relevant even through some reasonably foreseeable life changes that occur after signing the will.
2 Choose Your Executor
Most people are able to nominate someone in their family or a close friend to serve as Executor. It helps if someone who cares deeply is making sure your wishes are carried out. Executors can be empowered to exercise varying degrees of discretion in deciding where some of your assets go. Ultimately, they must carry out your wishes. When declaring your will, you can also ask that the named Executor(s) be allowed to serve without posting bond or surety. Some family members or friends are more suited to handling business matters than others. While nominating a close family member or close friend as executor is strongly recommended, in some circumstance if appropriate the lawyer can serve as your executor.
3 Individualize Your Will to Fit Your Unique Circumstances
With all of the variations that occur in families, step-families, and all of the personal relationships that come with those variations, you may wish to give very specific instructions as to what becomes of your assets. For most people, this is needed now and for changes that are likely to occur. Many people are concerned to keep their assets in their blood line, or to make sure they are managed by a person or people with the right skills and demeanor to do what is needed with the assets. You can both love a person and recognize whether they are best to have or handle assets. There is a saying that the only constant in life is change. Even so, wills can be drafted so that your wishes control even when numerous changes occur. That said, some life changes do prompt people to come in to declare new wills. If you have a will already, review it periodically to make sure it still provides as you wish.
4 Nominate Trustees for Under-Age Heirs Or Heirs Needing Extra Help
While you may leave assets to someone under age, in many circumstances minors may inherit when their parent has, unfortunately, already passed away. In this circumstance, who would manage the child’s inheritance? You can decide this in your will by nominating the Trustee. You may also set up a trust for someone who needs help managing an inherited estate.
5 Make Specific Gifts As You Wish
In your will you may make specific gifts of items or funds. If you do not declare a will, a person may qualify as administrator – rather than your named executor – of your estate. Without your will, the administrator may not have the knowledge or power to give specific gifts to those to whom they would be most meaningful. Many people leave one form of asset such as real estate to one person, and another form of asset such as investments to another person, depending on the individual life circumstances of those people.
Numerous other reasons may apply. Many people come in for wills shortly after losing a parent. Others are prompted by plans to travel abroad, scheduling of major surgery, or a troubling medical development. Some people decide to make a will when they themselves inherit money or a house. Blended family changes often lead people to change their will.
Power of Attorney
Your will is not effective until you pass away. Your will does not become effective if you become disabled if you are still alive. Making a power of attorney empowers your nominee to act to help you while you are still alive.
Advance Medical Directive
This document declares whether you wish to receive certain life-prolonging procedures.
Medical Agent
Usually, although you can have one without the other, most people nominate a medical agent in the same document that is often referred to as Advance Medical Directive. Many people have the notion that a Power of Attorney empowers the agent to make medical decisions, but this is not always the case. You can nominate the same person to serve in both roles, or have one person serve as power of attorney and a different person serves as medical agent. This choice may hinge upon where the people live or what line of work or skill set they have developed.
People experience a sense of relief once they sign these documents and know they have addressed these important – though sometimes difficult – decisions. These documents also provide relief for relatives and friends, as your wishes are expressed so they know clearly what you want and they do not have the burden of making choices for you. Talking to people is the best part of practicing law and we love getting to know all of our Forest neighbors. Helping people with these important decisions is very meaningful.
Some people are able to make the necessary decisions and come in to sign their will and related documents in a signing ceremony within just days of first calling in. We can make sure you receive the information you need to make informed decisions about these important issues.
Craig P. Tiller, Esq.