Legal Question in Wills and Trusts in Virginia
Currently, my wife of five years and I are unemployed. We've exhausted our bank accounts and have been living on a money market fund that is soon to run out. After that, we will be forced to reach into an (already decimated) investment account I have that was supposed to be reserved for use as supplemental income in my later years (which are not far off).
I have made my wife the primary beneficiary of the investment account; and her mother and brother, and two of my cousins the secondary beneficiaries; I have purposely left out my two siblings. My understanding is that should I predecease my wife, she would immediately assume ownership of the investment account (assuming there's anything left); should she predecease me (or die at the same time as I), then the ownership would pass to her mother and brother and my cousins. In other words, the Court would not be involved.
In addition to these assets, there is some personal property (household items, an old automobile, etc.), and some real estate that I own (bought and paid off prior to the marriage): The condo we live in, and a second piece of property that is in dire need of repair (and, hence, currently not particularly marketable).
How should I handle the property and real estate? I would like for virtually everything that may be left at the time of my death to pass directly (without going through probate or some other legal process or Court proceeding) to my wife or the above-mentioned secondary beneficiaries. How do I go about arranging that for not only the investment account, but for the property and real estate as well? Do I need to create a will and/or a trust? Are there simple documents/forms I can obtain and fill out, or do I need to go to the expense of hiring an attorney?
Many thanks in advance for your advice and counsel -- it's especially appreciated in these difficult economic times.
1 Answer from Attorneys
Probably, a revocable trust would be the appropriate instrument to realize your
intentions as described, but I would suggest that you at least arrange for a
consultation with an attorney who is knowledgeable and experienced in
Virginia wills, trusts and estates law who can further advise you.
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