Why Everyone Needs a Will: The Basics of Testamentary Wills

One of the primary purposes of a will is to dictate how your assets should be distributed upon your death. Whether you have significant financial holdings or modest possessions, a will allows you to specify who will inherit each asset and in what proportion. Without a will, state laws—known as intestacy laws—will determine how your assets are distributed, which may not align with your preferences.

For parents of minor children, a will is essential for appointing guardians who will care for their children in the event of their untimely passing. By naming guardians in your will, you can ensure that your children are placed under the care of individuals you trust and who share your values and parenting philosophies.

A will enable you to designate an executor, also known as a personal representative, to manage your estate and oversee the distribution of assets according to your wishes. Your executor plays a crucial role in executing your will, settling debts, filing taxes, and distributing assets to beneficiaries. Choosing a competent and trustworthy executor is essential for the efficient administration of your estate.

Having a valid will in place provides peace of mind knowing that your affairs are in order and your loved ones will be taken care of according to your wishes. By proactively creating a will, you can minimize potential conflicts among family members, avoid delays in estate administration, and ensure a smooth transition of assets to your heirs.

Having a will is essential for everyone, regardless of age or financial status. At the Zaremba Center for Estate Planning & Elder Law in Williamsburg, VA, our experienced attorneys can help you navigate the complexities of estate planning and draft a will that meets your unique needs.

Contact our Williamsburg estate planning attorneys today to schedule a consultation and start the process of drafting your testamentary will.