A Will Is Created For The People You Love

Whether or not people recognize the importance of creating a last will and testament, studies show less than 50 percent of adults in the United States have done so. Perhaps people would be more likely to draft a last will and testament if they realized doing so is something that is as much for those they love as it is for themselves.

Most people understand a primary reason to draft a will is to create specific instructions for how to distribute assets upon death. However, there are other important reasons to draft a will, including appointing a legal guardian for minor children and the preservation of assets for future use of minor children.

The legal team at Mehalko and Moghul PLLC, headquartered in McLean, Virginia, provides personal guidance on will creation and other estate planning matters. Nothing is given a cookie-cutter treatment in our law firm. We will take the time to review the unique aspects of your situation and develop an estate plan that suits your needs.

If You Have Loved Ones, You Should Have A Will

Many people mistakenly view wills and other estate planning documents as something people address later in life. Simply stated, this is a mistake. If you have assets and you have loved ones in your life, you should have a basic estate plan in place. At minimum, this consists of a last will and testament, advance medical directive and power of attorney for financial matters in case you become incapacitated and cannot handle your financial affairs yourself.

If you die without a will, it is known as dying intestate. In these cases, the assets are distributed according to state laws regarding intestate deaths. If there is no surviving parent, guardianship is addressed according to state law as well. Sometimes, intestate rules differ significantly from a decedent's wishes, but if no legal will exists, the state must follow the laws that are in place.

Trusts Can Accomplish Specific Goals

Not all assets pass through a will. You may have reasons to create one or more trusts that allow assets to pass to beneficiaries outside of a will. Trusts hold property in a separate entity and can accomplish numerous objectives, including:

  • Avoiding probate
  • Passing assets to children from a previous marriage
  • Providing supplemental care to a special needs child while ensuring he or she still qualifies for government benefits
  • Holding assets until a child reaches adulthood or meets certain requirements (i.e., graduates college)
  • Establishing a plan for charitable contributions

Protect Your Loved Ones Through Proper Estate Planning

Our estate planning lawyer can address these situations and answer all other questions you may have during a consultation. Call 571-295-5702 or use our online contact form to schedule a meeting with an attorney who is committed to helping you achieve your estate planning objectives.