Things You Cannot Put in Your Will Under Virginia Estate Planning Laws
A Will is a legal document in which you express what you want to have happen to the things you own after you die. Your Will needs to be signed, dated, and witnessed correctly, or it could be declared wholly or partially invalid when it is needed.
Your Will can address gifts you want to leave to individuals, entities, and charitable organizations. It can also appoint guardians to look after your minor children, as well as someone to act as the personal representative or executor of your estate.
There are many other types of assets and circumstances that people would like to address in their estate plans that cannot be included in a Will. This is why it is important to carefully consider what you would like your estate plan to achieve, and then consult with a knowledgeable estate planning attorney who understands which assets you own can be provided for in your Will, and which will need to be addressed through other estate planning vehicles.
Here are five things that cannot be included in a valid will under Virginia estate planning laws:
1. Provisions pertaining to probate avoidance
If you leave a Will, it must be probated, along with any assets you own in your own name at the time of your death.
2. Provisions pertaining to property that you do not own solely in your own name
This includes property held in a trust you own and property you own jointly. Property held in trust bypasses probate, and will be distributed to the trust beneficiaries per the terms of the trust agreement. Similarly, jointly held property automatically becomes the sole property of the surviving partner when you die.
Also, your Will cannot distribute the proceeds of pay-on-death or transfer-on-death accounts, such as pensions, retirement accounts, and life insurance policies. Upon your death, these assets will bypass probate and transfer automatically to the beneficiaries named on the accounts.
3. Provisions pertaining to digital assets
The pictures, playlists, thoughts, ideas, and business that you share and conduct through social media accounts and websites can all have immense value to you and your loved ones. Estate planning experts are already advising their clients to remember to specify what they want to have happen to these digital assets when they die.
In most cases, your desires will need to be expressed to the digital service provider who provides the account. Facebook, Google, and other digital services provide a means for account owners to specify what actions they want to have taken with their accounts after they pass away.
4. Provisions that bequeath assets to pets
In most states, including Virginia, pets are considered property and, as such, cannot legally own property themselves. If you are interested in providing for a pet, speak to your estate planning attorney about setting up a pet trust.
5. Provisions pertaining to unlawful requests or unlawfully obtained assets
Your Will must not address the distribution of assets that you obtained through unlawful means. Nor can your Will request that your personal representative or executor, or anyone else for that matter, carry out any request that is unlawful.
Contact an Experienced Virginia Estate Planning Attorney
It is essential that before you write your Will, you receive knowledgeable and specialized advice concerning your assets so that when you die, your wishes for the distribution of your estate are fulfilled. Our law firm specializes in this area of law and can assist you.
For the advice and assistance you need, please call our law firm at (703) 553-2577, or use the contact form to arrange a consultation with an experienced Virginia estate planning attorney.
The information on this site is for general informational purposes only. The information presented in this site is not legal advice or a legal opinion. You should seek the advice of legal counsel of your choice before acting upon any of the information in this site.