If you are single and have no kids, you may think spending money on an estate plan can wait. But if you own anything of value such as a home, you may want to rethink your decision.
Imagine that you live in Reston and your parents live in California. The unthinkable happens to you and your grieving parents have to hire an attorney in Virginia to probate your intestate estate because you died without a will.
No one intentionally leaves their parents in this situation, but it happens all the time.
There are other benefits to making a will. Perhaps you have potential heirs that are entitled to receive your property if you die intestate and these potential heirs would squander any inheritance of your property.
Talking to an attorney will help identify and address how to effectively disinherit someone.
For example, it’s better to almost disinherit a person and incentivize them not to protest. For instance, if you have an estate of half a million dollars, you could leave a troublesome sibling $1,000 and combine that with a no-contest clause saying that anyone who challenges the will loses their inheritance.
Certainly, you have people in your life that you care about or maybe even a dog. How do you want them to be provided for?
Care enough to leave clear and legally rock-solid language about your wishes. If you do not leave clear instructions, your loved ones will have to navigate the complexities of the probate process while trying to grieve your loss. Think of making a will as an act of love to make life easier for those you leave behind.
Even if you are single and don’t have children, you need an estate plan. Contact us or call me at 703-712-8000 to set up a consultation and take the necessary steps to protect your assets and make provisions for the people (and things) that are important to you.