Make a Will Month: What Virginians Need to Know

August is recognized nationwide as National Make a Will Month. This annual campaign serves as a vital reminder for adults to secure their legacies and protect their loved ones. Unfortunately, a large share of Americans currently lack any formal estate plan. The attorneys at Davies & Davies are particularly enthusiastic about using this month to highlight the importance of proactive planning. For residents in Lynchburg and across Central Virginia, this is the perfect time to evaluate your financial future and ensure your final wishes are clearly documented.

 

What a Will Can and Cannot Do

 

A Last Will and Testament is a foundational legal document for any adult. It allows you to specify exactly who will inherit your real estate, heirlooms, and financial assets after you pass away. You can also use a will to name a trusted executor who will manage the administration of your estate. These are critical functions that prevent confusion and conflict among surviving family members.

 

However, a will has clear limitations that many people misunderstand. For example, a will does not automatically control assets with beneficiary designations or survivorship rights. Retirement accounts and life insurance policies usually pass by beneficiary designation, while joint accounts with right of survivorship pass to the surviving owner. These designations generally override whatever instructions you have written in your will, making proper coordination essential.

 

Fitting Within a Broader Estate Plan

 

While creating a will is an excellent first step, it is rarely the only document you need. For individuals managing significant assets , a will is just one piece of a much larger puzzle.

 

Many of our clients benefit from establishing a trust alongside their traditional will. A well-structured trust can help your family avoid the probate process, maintain greater privacy, and may offer tax planning benefits in some situations. For those with philanthropic goals, charitable trusts offer a fantastic way to leave a lasting community impact. Furthermore, a complete estate plan must account for scenarios where you are still living but unable to make decisions. Incorporating an Advance Medical Directive and a Durable Power of Attorney ensures that trusted individuals can manage your healthcare and finances if you become incapacitated.

 

Common Virginia Specific Considerations

 

Virginia has specific legal requirements for creating a valid will. To be legally binding, a typed will must be signed or acknowledged by you in the presence of at least two competent witnesses, who must also sign in your presence. Failing to follow these execution rules can render the document invalid. While Virginia does allow for handwritten wills in certain circumstances, relying on them without proper legal guidance can invite costly challenges.

 

Additionally, if you die without a will in the Commonwealth, Virginia intestacy laws determine how your assets are distributed. The state prioritizes blood relatives, which can lead to unintended outcomes. Unmarried partners receive nothing by default, and charitable gifts require affirmative planning. Taking action this month ensures the state does not dictate your family's future.

 

Secure Your Legacy with Davies & Davies

 

National Make a Will Month is the ideal time to stop procrastinating and start planning. The team at Davies & Davies is committed to helping Central Virginia residents build tax-efficient, comprehensive estate plans. Whether you need to draft your very first will or update an existing plan, our Lynchburg office provides personalized guidance tailored to your unique financial situation. Contact us today to schedule your consultation and achieve lasting peace of mind.