How Often Should I Update My Will in Virginia?
Key Takeaways:
- An inadequate or outdated will can pose significant risks, legal complications, and a diminished inheritance for your beneficiaries.
- Regularly reviewing and updating your will is critical, especially when you experience new circumstances.
- You should review and update your estate plan whenever family dynamics change, such as marital status, the addition of a child, or the passing of a loved one.
- You should also review and update your estate plan every few years, regardless of major changes, to remind yourself of the terms and decide if your priorities have changed.
- Moving or acquiring assets out of state will require a legal review of your current will.
- To update or change a will in Virginia, you can create a codicil or revoke any previous wills by creating a new one.
- Making changes to a Virginia estate plan can create complications, so seek the legal advice of an experienced attorney to help protect your assets.
For individuals with substantial assets, the intricacies of estate planning become increasingly complex. The wealth you’ve built up over the years needs to be outlined thoroughly in your estate plan so it goes where you want after you pass away. If your estate plan is old or poorly thought out, it can cause significant risks. Legal complications may arise, potentially causing disputes among beneficiaries during a very challenging time. This can waste money and leave your beneficiaries with less than you intended and fighting with each other.
Consult with a Virginia estate planning attorney at Midgett Preti Olansen. They can help organize and craft an estate plan that fits your needs, distributes your assets according to your wishes, and minimizes tax liabilities.
Four Circumstances for Updating Your Will in Virginia
Making your estate plan a priority includes regularly reviewing and updating your will every time new circumstances and life changes occur. Some of the more common circumstances include the following.
1. Change in Family Dynamics
If your family dynamics change, update your will as soon as possible so your loved ones stay protected.
Throughout your lifetime, your family situation will change. These situations include your marital status, the passing of a loved one, or an addition to the family, whether through birth or adoption. Upon each occurrence, you will want to reconsider the provisions of your estate plan and beneficiary designations.
For example, you may become a grandparent and want to provide for those new grandchildren. You may divorce and remarry, and this new marriage includes stepchildren. If you wish to provide for those stepchildren after your passing, you will need to update your will to include them specifically because Virginia law does not consider them your “children” when it comes to legal inheritance.
2. Diminished Relationships
Relationships can change through the years, and when they become diminished, it is time to reconsider your will and overall estate plan. You can change your will if you have a falling out with somebody listed as a beneficiary and you no longer want them to receive the same inheritance you previously desired. Also, if the person you designate as your executor is one of the diminished relationships, it will be imperative that you choose a new one for your will to be sure your wishes are carried out properly after your death.
You may also want to change a will because of diminished trust in a beneficiary. Sometimes, beneficiaries develop addictions or fall into debt, making you doubt their ability to manage their inheritance responsibly. You may want to reduce their share or place their inheritance in a trust to protect it from creditors and other risks.
3. Moved or Acquired Assets Out of State
Moving to a new state requires that you review your will to be sure it meets all the legal requirements for your new state of residence. Probate laws differ by state, and it is recommended that you seek consultation and legal advice from an experienced estate attorney to determine whether your current will is still valid.
Another reason to consult with an estate attorney is if you purchase out-of-state real estate while living in Virginia. You will want to confirm that this new property is properly titled and included in your estate plan and the overall disposition of your assets.
4. Taxes and Your Finances
Other circumstances, such as a change in the tax laws or your personal financial situation, may also occur. We recommend a prompt review of a will and other estate planning documents in these instances to make sure the estate plan still accomplishes your goals and will not result in adverse financial consequences or unintended changes in the distribution of your assets.
How Do I Update or Change a Will in Virginia?
When you update or change your current will, you may need to have certain documents ready. These may include a codicil, though this type of document should be used sparingly.
A codicil is a legal document that supplements your original will, allowing you to amend your instructions without having to recreate and validate an entirely new will. Codicils are legally valid in Virginia when signed by the testator in front of two witnesses, but they are separate legal documents and carry the risk of being lost or misplaced over time and failing to serve as intended.
If you are looking to change your will, it is advisable to contact your estate planning attorney. Your attorney at Midgett Preti Olansen can advise you on an appropriate course of action based on your circumstances.
How Do I Revoke My Will in Virginia?
Revoking an existing will must be done through the proper process and can only be done while the owner of the will is alive and competent. It is important to note that a will does not expire or lose its legal validity in the Commonwealth of Virginia unless you, the testator, personally take the steps to revoke it.
Revocation of a Virginia will can be accomplished in different ways, including the destruction of that will and any codicil. You can also execute a new will and include a provision stating that any and all prior wills be revoked. The wording of this provision will be crucial since revoking only part of a former will or codicil can create inconsistencies that a court will have to review and determine exactly which provisions takes precedence over the others.
What Are the Complications of Changing an Estate Plan in Virginia?
Initiating a change to an estate plan in Virginia can bring particular complications. Any significant change in the distribution of the testator’s assets can lead to dissent.
For example, if a parent initially prepares to leave their assets in equal shares to all three of their children and then suddenly changes their mind and leaves everything to just one or two of them, dissension can arise among family members. Perhaps the parent provided oral directions to the beneficiaries that now conflict with what is actually in the legal document. Family members may also have access to multiple unsigned versions of a will or trust with different provisions, and this can add to further arguments.
In other circumstances, an older person may make a change to a will or other estate planning document, potentially giving rise to claims of incapacity or undue influence. Such an allegation can especially occur if that older person was brought to the attorney’s office by one family member or an agent under a durable power of attorney.
Complications can also arise if you make changes on your own by writing directly on the executed will or trust or by adding some kind of handwritten codicil or amendment. Both of these can potentially lead to claims challenging the validity and/or interpretation of the changes.
Why Work With Midgett Preti Olansen
Midgett Preti Olansen strives for excellence in everything we do.
We pride ourselves on our professionalism, integrity, and commitment to helping you prepare and update your estate plan, administer your trust, and, if necessary, litigate on your behalf. Whether you are just thinking about an estate plan, need advanced asset protection measures, or have other complex planning, mitigation, or litigation needs, we are here for you.
Testimonials
Hear what some clients say about their experience with Midgett Preti Olansen.
“My family has had a long-standing relationship with Todd Preti and value his insight and expertise. The entire staff has always been professional and pleasant and focused on our needs and what’s best for us.” – Andy H.
“Ann Larkin was professional, knowledgeable, and available for questions. She is also personable and understandable. I would not hesitate to call her for information expertise.” — Judy L.
“Went to the law firm of Midgett Preti Olansen (MPO) for the first time last week. My appointment was with Mr. Nathan Olansen to have a new will and trusts set up for me. Mr. Olansen was professional, courteous, and knowledgeable. He carefully listened to my concerns, answered my questions, and gave me important advice. I never felt rushed during our first meeting either. Have several papers that I received from him, which I will complete before I go back next time. Mr. Olansen informed me that we will have at least two more appointments. He told me the amount I would have to pay for his services, and I felt it was a fair price. I found it very comfortable dealing with Mr. Olansen, and I look forward to our next meeting.” – Susan H.
Additional Resources
- So, You Don’t Think You Need a Will: Learn why a will is essential for everyone and how the state of Virginia will intervene if you do not have one when you die.
- When to Use a Will & the Benefits of Doing So: Find out when a will is beneficial, how it pairs with a revocable living trust, and what benefits there are for creating one, including how probate will be affected.
Acquired New Assets and Looking to Include Them in Your Will?
Establishing an estate plan requires that you constantly review and update the various documents should something change in your life. Whatever your reasons for creating or modifying your will, contact the law firm of Midgett Preti Olansen today to schedule a consultation.
Contact us today by calling 757-687-8888 or using the online contact form. Our law office is located in Virginia Beach, and we serve all of the Hampton Roads area, including Norfolk, Chesapeake, Suffolk, Hampton, Newport News, and the Eastern Shore.
Frequent Answered Questions
While the provisions of a will can differ for each person, there are certain rules pertaining to execution in Virginia that everyone must follow. In particular, you must be over the age of eighteen and have the intellectual capacity to sign a will, and you must do so in front of two witnesses and a notary.
You should also execute what is called a self-proving affidavit, a document that attaches to your last will and testament. This affidavit must include witnesses, and its purpose is to attest to your testamentary capacity and the assigned witnesses.
A new will, in most cases, will override an old one and is the first to be looked at after your passing. However, if there are any inconsistencies, it may fall back to the older will. To protect yourself, when creating a new will, include clear instructions that it is to replace, override, and void any previously signed wills.
Whether you are trying to create an updated will and void the previous one or just trying to void one altogether, you should either 1) physically destroy the will, or 2) execute a new will that specifically revokes all previous wills made by you.
After you update your will, you will want to make sure that it has the correct signatures since different states may have different legal requirements. In Virginia, two witnesses will need to sign in your presence, and then the document has to be notarized. Store your updated will in a safe place and let trusted individuals know where it is. Also, set a yearly reminder to review all your estate planning documents. Your circumstances may not change, but your perspective could.
If you have not experienced major life changes, a good rule of thumb is to conduct a review and potentially update your will every two or three years. It is also essential to become familiar with the terms of your document and recognize when you have a change in perspective that requires updates.
On a more personal level, Midgett Preti Olansen takes the time to get to know you and your family, as well as your goals, and because of this, you can leave our office knowing that we are looking out for you now and in the future.
Regardless of your current age, you need an estate plan so that there are clear instructions on what happens to your Virginia estate should something happen to you. You also need a plan so that you can outline how your estate will be divided. In other words, it is in your power to determine who your beneficiaries will be and also provide protection for loved ones. If you have minor children or family members with special needs, you can plan for them and gain peace of mind.
If you need another reason, consider that having an estate plan can also help minimize your estate and probate taxes. An attorney knowledgeable in tax law will be able to explain the requirements and how to implement them for your plan.
Without a valid will in place, the state and courts will get to determine how your assets are distributed and these statutory rules may not align with your wishes. Also, the probate process can be long and expensive. By planning now, you can minimize the time and costs required by the probate process and also maintain your family’s privacy.
It is essential to note that having an estate plan is more than just one document. Often, these estate planning documents include trusts, powers of attorney, a will, and more, depending upon your particular assets and circumstances. Speak with an experienced Virginia estate planning attorney to determine your needs and build an estate plan around your needs.
