No matter your age, having a will is one of the most important steps you can take to protect your family. A properly prepared will ensures your wishes are carried out, helps reduce family disputes, and can make the estate administration process much smoother.
Unfortunately, many Virginians make avoidable mistakes that can create unnecessary stress and expense for their loved ones. Here are five of the most common.
1. Trying to Write a Will Without Legal Guidance
Online templates and DIY wills may seem like an easy way to save money, but they often create bigger problems later. Virginia law has specific requirements for a valid will, including proper signatures and witness requirements. Even small mistakes can leave a will open to challenges or delay the administration of an estate.
2. Forgetting to Update Your Will
A will shouldn’t be something you create once and forget. Marriage, divorce, the birth of a child or grandchild, buying a home, or losing a loved one can all affect your estate plan.
Reviewing your will every few years—or after a major life event—helps ensure it still reflects your wishes and keeps your loved ones protected.
3. Overlooking Federal Estate Tax Planning
Virginia no longer has a state estate tax, but federal estate taxes may still affect larger estates. As home values and investments continue to grow, more families may find themselves closer to the federal exemption than they expected.
Planning ahead can help minimize tax consequences and preserve more of your estate for your beneficiaries.
4. Not Planning for Minor Children
For parents, a will does more than distribute assets—it allows you to name a guardian for your minor children. Without that designation, a court may ultimately decide who will care for them.
Many families also choose to establish a trust so inherited assets can be managed responsibly until children reach an age or milestone they determine is appropriate.
5. Choosing the Wrong Executor—or Not Naming One at All
Your executor is responsible for carrying out your wishes, paying debts, and distributing your assets. Selecting someone who is organized, trustworthy, and capable of handling those responsibilities is just as important as deciding who inherits your property.
It’s also essential to clearly identify your beneficiaries. Vague language or outdated information can create confusion and, in some cases, disputes among family members.
Don’t Forget the Rest of Your Estate Plan
A will is only one part of a comprehensive estate plan. Depending on your circumstances, you may also benefit from:
- A revocable living trust
- A durable power of attorney
- An advance medical directive
- A transfer-on-death deed for your home
Together, these documents can help protect your finances, outline your healthcare wishes, and simplify matters for your family if you’re ever unable to make decisions yourself.
The Bottom Line
A well-prepared estate plan provides peace of mind for both you and your loved ones. By avoiding these common mistakes and keeping your documents up to date, you can help ensure your wishes are honored while reducing stress for your family in the future.
If it’s been several years since you’ve reviewed your will—or you’ve never created one—it may be time to speak with an experienced Virginia estate planning attorney about your options.
PJI Law, PLC: Estate Planning Attorneys in Fairfax, VA
At PJI Law, PLC, we work with clients across Fairfax and Northern Virginia to build estate plans that reflect their intentions and align with Virginia law. Our estate planning attorneys take the time to review your assets, beneficiary designations, business interests, and family structure so your plan works as intended.
Whether you’re creating your first will or revisiting an existing one, our team will help you avoid the mistakes that can undermine your entire estate plan.
Call (703) 865-6100 or contact us online to schedule your complimentary consultation today.
PJI Law, PLC
3900 Jermantown Rd, 2nd Floor
Fairfax, Virginia 22030
(703) 865-6100
https://pjilaw.com
