The benefits of having a will are numerous and vary with a person's particular circumstance.

Some of the most common reasons include making sure that your estate is distributed in accordance with your wishes, naming a guardian for your minor children, and naming fiduciaries who will carry out your wishes with regard to your monetary estate. Under Virginia law, if a person dies intestate (without a will), his or her estate will be distributed according to Virginia's default distribution scheme. It is also important to note that because laws vary in each state, even if you have a will drafted in a different state, it may not have the same validity in Virginia.

What is a "basic" will? A "Basic" will is a will that does not require estate tax planning and generally has a straightforward distribution plan. If you have a high net worth, we normally recommend that you implement a more complex estate plan to avoid/minimize federal estate taxes. Currently, federal estate taxes are generally assessed where a decedent dies with a net worth in excess of $2 million and the beneficiary is someone other than his or her spouse. However, the federal estate tax laws are currently changing every year, making periodic review of your estate plan of particular importance.

What is a codicil? A codicil is a supplement or an addition to a will. It may explain, modify, add to, subtract from, qualify, alter, restrain or revoke provisions in an existing will. You may wish to have a codicil if you already have a will that you wish to update or make changes to. If substantial changes to existing wills are necessary, the firm generally recommends the execution of a new will.

What is the difference between General, Medical and Specific Powers of Attorney? A general power of attorney is an instrument in writing whereby one person, a principal, appoints another as his or her agent or attorney in fact and confers authority to perform broad and encompassing acts on behalf of the principal. The general power of attorney may also be "durable," meaning that the powers remain in effect even if the principal becomes incapacitated. A medical power of attorney is where a person names an agent to make medical decisions, should the person become incapacitated. A specific power of attorney only confers authority to the agent to act in specific capacities, such as the right to endorse a specific check or document or to act in more limited ways. It may be advisable to have a power of attorney if you wish to empower someone else to act for you in some capacity.

What is an Advanced Medical Directive? An advanced medical directive is also called a living will. It is a document that allows for the withdrawal of life sustaining medical procedures in the event an individual suffers from an incurable injury, disease or illness with no reasonable chance of recovery. In the event of a severe injury or illness and if you do not want to be sustained by medical procedures, you should consider an advanced medical directive.

Will I have an opportunity to review the documents before I sign them and when do I receive the final documents? Yes. You will have an opportunity to review a draft copy of your documents before your scheduled meeting date. We will make any necessary edits before you actually come to our office. The end result is a document-signing procedure that generally takes about 15 minutes to complete. You will not have to take a great deal of time out of your day to finalize your documents.

PLEASE NOTE: Shaheen Law Group does not provide tax or accounting advice. A competent CPA or tax attorney should be consulted.