This might sound unbelievable but you have an estate. Actually, nearly everyone does and yet still over 50% of Americans lack proper wills.
Your estate is everything that you own-- your home, car, investments, life insurance, furniture, other real state and personal possessions. It’s a common misconception that unless you are married with children and have a hefty bank account, you don’t need a will. It's just not that simple. Estate Planning is for everyone and it is the best way to make sure that your property and assets will be distributed according to your wishes after your passing.
Why do I need a will? What does a will really do?
If you have a will:
When you pass away and you have a will in place then you can be certain that your property and assets will be distributed according to your wishes.
If you don't have a will:
When you pass away state law governs who gets your property and assets, this is called “dying intestate”. Typically if you are married your spouse and children will inherit your assets, but sometimes it gets more complicated than that, and infinitely more so if you don’t have a spouse or kids.
There are certain individuals who still don’t need a will yet, for example if you are young and unmarried, without children and you do not own any property then you should be fine waiting to obtain one. However, if any of these statements apply to you, you will still need a will.
- You are married.
- You have children.
- You own property (house, apartment etc)
- You have a positive net worth.
We recommend that even if you are at the stage of your life where you don’t need a will yet, you should still obtain an Advance Medical Directive (AMD). An AMD refers to treatment preferences and the designation of a decision-maker in the event that you should become unable to make medical decisions on your own behalf. This is an incredibly important document and should be included with each individual’s personal medical records.
Here are a few Estate Planning services that Hampton Roads Legal Services offer:
- Living Wills
- Deeds of Gift
- Advance Medical Directive
- Creating LLC's
- Power of Attorney
Because an estate is complex and different for every individual, we ask that you fill out the forms pertaining to the service you need before booking your consultation. Unfortunately, we will not be able to schedule your consultation until these documents have been filled out.
If you are interested in creating a will, you can find the form HERE.
If you are interested in creating a power of attorney, you can find the form HERE.
If you are interested in creating an advance medical directive, you can find the form HERE.
Once your form/s are filled out, please call us at 757-320-2010 to schedule your consultation!