Do you ever find yourself awake in the quiet hours, silently contemplating the “what ifs”? What if something happened to you or your spouse? What would become of your children, your home or your hard-earned savings?
For many families in Arlington, these lingering questions about an uncertain future are a common source of anxiety, often stemming from unaddressed estate planning needs that, if neglected, can quickly evolve into daunting nightmares.
1. Probate court delays and expenses
When someone dies without a will, a court supervises the distribution of their assets. This process, known as intestacy, often takes many months, sometimes even years, in Virginia. During this time, beneficiaries cannot access inheritances, and court fees and legal costs eat away at the estate’s value.
2. Children’s guardianship battles
No parent wants to imagine a future where they cannot care for their children. If both parents pass away without naming guardians in a legal document, a court decides who will raise the children.
Virginia law allows parents to designate a guardian within their will. This clear directive ensures your children receive care from the people you trust.
3. Tax burdens and asset seizures
You want your wealth to support your beneficiaries, not go to taxes or creditors. While Virginia does not have a state estate tax, beneficiaries may face federal taxes on large estates or capital gains taxes on inherited property. Creditors can also make claims against an estate without proper protection.
4. Family conflicts over inheritance
Unclear wishes often lead to bitter family disputes. Without a clear estate plan, relatives might argue over who gets what property or sentimental items. This lack of direction causes deep rifts that can last for years.
5. Digital asset chaos
Our lives increasingly exist online, from social media to financial accounts. After someone dies, family members often struggle to access digital accounts or intellectual property.
Virginia’s Fiduciary Access to Digital Assets Act (VFADAA) helps, but your estate plan must give specific directions. Including digital assets in your plan ensures clear management of your online legacy and accounts.
Seeking professional guidance
Estate planning is a way to protect your loved ones from future turmoil. Each nightmare can be avoided with the right guidance. Consulting an attorney in Arlington ensures your estate plan is comprehensive and tailored to your needs. Your peace of mind and your family’s future are worth the investment.