3.6 Reasons for Having a Will

• Library: Estate Planning in Virginia (Virginia CLE) (2018 Ed.)

3.6 REASONS FOR HAVING A WILL ⁵³

As discussed in the following paragraphs, there are many reasons why an individual should consider executing a valid will.

3.601 To Dispose of Property. By will an adult can dispose of the assets he or she owns at death. Of course, there are a number of assets or rights that pass as a result of the decedent's death to persons designated outside of the decedent's will, including life insurance proceeds, qualified retirement plan benefits, individual retirement accounts, annuities, and other interests that pass pursuant to a beneficiary designation executed by the decedent before death. Also, property owned as joint tenants with right of survivorship or tenants by the entirety will pass to the surviving tenant or tenants by operation of law. Nonetheless, a substantial portion of a decedent's assets may pass according to the decedent's will or, if the decedent does not have a will, according to the laws of descent and distribution.

3.602 To Reduce Estate Taxes. Through the use of a will the decedent can also take advantage of various methods of reducing or avoiding federal and state estate taxes and administration expenses. For example...