Many people in Virginia avoid creating a will because they believe in certain misconceptions. However, these incorrect beliefs can lead to unnecessary confusion and difficulties for your loved ones.
By gaining a clearer understanding of wills, you can plan for the future with confidence.
Misconception: You do not need a will if you make your wishes known
Some believe if they have communicated their posthumous wishes to their family members, they do not need a will. This is a dangerous assumption. Without a legally valid will, Virginia’s intestate laws take effect upon your death. These laws distribute your property in a pre-determined way that might not align with your intentions. Making a will ensures that your assets go where you want them to go.
Misconception: Wills only distribute physical property
You may think a will is only necessary for tangible assets like houses, cars and personal belongings. But in reality, a will can also govern the distribution of your digital assets. These can include your social media accounts, digital photos and even cryptocurrency holdings. Therefore, even if you do not have significant physical property, you may still need a will to pass on your digital assets.
Misconception: A will immediately takes effect after death
Contrary to popular belief, a will does not immediately take effect after your death. In Virginia, a will must go through probate before it takes effect. The probate process verifies the validity of your will and appoints an executor. The executor then administers your estate according to the provisions in your will.
When it comes to planning for the future, misinformation can lead to unwelcome surprises. The best way to protect your legacy is by creating a comprehensive, legally valid will.
