Do I really need to have a will in VA?

[Anonymous]

In Virginia surviving spouse gets everything and if both parents die kids get it all, so probably exactly what my husband and I would put in a will. So why do we still need one then? We currently have 2 toddlers. Thank you in advance!

[Anonymous]

Who gets your toddlers if you both die?

[Anonymous]

Anonymous wrote:Who gets your toddlers if you both die?

Hi, I have no sibling, my husband has 1 but not sure we want them to have our kids... that is so tricky. So what happens legally if no guardian is appointed? thx

[Anonymous]

Anonymous wrote:

Anonymous wrote:Who gets your toddlers if you both die?

Hi, I have no sibling, my husband has 1 but not sure we want them to have our kids... that is so tricky. So what happens legally if no guardian is appointed? thx

Court will appoint someone. And someone to manage the $ for the kids, which they will get at 18. I wouldn’t want any of that for my kids.

[Anonymous]

The most important thing from an asset perspective is to have beneficiary designations on your accounts which will keep most of your assets out of probate and reduce estate administration costs dramatically.

One thing to consider is a trust for your toddlers so that they do not have access to (some/a lot?) of money when they turn 18. Perhaps phased distributions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Who gets your toddlers if you both die?

Hi, I have no sibling, my husband has 1 but not sure we want them to have our kids... that is so tricky. So what happens legally if no guardian is appointed? thx

Legally, the court will decide. If your husband's sibling or your parents tell they court they want the kids and nobody contests it and they are vaguely competent, that's who the court will pick. If nobody steps up the kids would go to foster care and be adopted.

So if you have a friend or something you'd want to to take the kids, get the legal documentation in place.

[Anonymous]

Who gets your kids? Who will take care of them and provide for them? Minors can't inherit money. You need a trust, and a trustee. Preferably not the same person who will be taking care of them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Who gets your toddlers if you both die?

Hi, I have no sibling, my husband has 1 but not sure we want them to have our kids... that is so tricky. So what happens legally if no guardian is appointed? thx

Legally, the court will decide. If your husband's sibling or your parents tell they court they want the kids and nobody contests it and they are vaguely competent, that's who the court will pick. If nobody steps up the kids would go to foster care and be adopted.

So if you have a friend or something you'd want to to take the kids, get the legal documentation in place.

Thank you for your reply! So as someone above also mentioned, the legal guardians will manage my kids' money until they are 18, who's watching them to make sure they aren't use those money for their own use?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Who gets your toddlers if you both die?

Hi, I have no sibling, my husband has 1 but not sure we want them to have our kids... that is so tricky. So what happens legally if no guardian is appointed? thx

Legally, the court will decide. If your husband's sibling or your parents tell they court they want the kids and nobody contests it and they are vaguely competent, that's who the court will pick. If nobody steps up the kids would go to foster care and be adopted.

So if you have a friend or something you'd want to to take the kids, get the legal documentation in place.

Thank you for your reply! So as someone above also mentioned, the legal guardians will manage my kids' money until they are 18, who's watching them to make sure they aren't use those money for their own use?

It is not necessarily the case the guardians would manage the money. It depends. Regardless, you need to have estate planning documents executed for this. You do not want someone trustworthy to manage the money and make sure your kids are the ones who benefit. I would never, ever leave this to chance. Kids stand to lose too much.

[Anonymous]

OK, maybe we do need to get a will. New question though, if no changes are made, does our will last forever till we die?

[Anonymous]

Anonymous wrote:OK, maybe we do need to get a will. New question though, if no changes are made, does our will last forever till we die?

Yes. But you can change it whenever you wish.

[Anonymous]

OMG be a responsible adult and get a will instead of posting on the internet.

[Anonymous]

Anonymous wrote:OK, maybe we do need to get a will. New question though, if no changes are made, does our will last forever till we die?

Yes, which is why ideally you would pull it out and review it every 5yrs or so. Perhaps by that point you'd want to change who you appointed guardian and executor of the trust for your girls. Perhaps you want to change the disbursement schedule. A whole host of reasons.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OK, maybe we do need to get a will. New question though, if no changes are made, does our will last forever till we die?

Yes, which is why ideally you would pull it out and review it every 5yrs or so. Perhaps by that point you'd want to change who you appointed guardian and executor of the trust for your girls. Perhaps you want to change the disbursement schedule. A whole host of reasons.

Those are great advice! thank you!

And to the one who think I am irresponsible, I don't think I am, I didn't grow up in this country, so the idea of "will" at such early age is very foreign to me. That is all. I am posting on the internet because I know people will give me nice advice.

[Anonymous]

Anonymous wrote:Who gets your kids? Who will take care of them and provide for them? Minors can't inherit money. You need a trust, and a trustee. Preferably not the same person who will be taking care of them.

Our lawyer said it is better for the trustee and the caretaker to be the same person. She said it was very unusual for them not to be the same person.