You may also consider providing for your spouse when you remarry, while still maintaining an inheritance for children from a previous relationship. A Virginia probate lawyer can explain your options under state law and help you get your wishes in writing. Having a clear plan can guide your family and help prevent disputes over who gets your property.
Who inherits if you don’t have a will?
If you die without a valid will, Virginia’s inheritance laws generally control your probate property. Those rules can produce unexpected results for a blended family.
If you leave a spouse and at least one surviving child who isn’t also your spouse’s child, your spouse generally receives one-third of your intestate estate. Your children and the descendants of any deceased child generally share the remaining two-thirds.
Stepchildren generally aren’t treated as your children under these default rules unless you adopted them. If you want a stepchild to receive property, include that person clearly in your plan.
Why might leaving everything to your spouse create problems?
Leaving everything outright to your spouse may seem like the simplest way to provide financial security. However, your children may receive nothing from those assets later.
Your spouse may spend the money or change who inherits it. Even if you both sign wills naming your children, those wills alone generally don’t prevent the survivor from changing their plan.
Can a trust support your spouse and preserve an inheritance?
A properly written trust can provide for your spouse during their lifetime and direct what remains to your children afterward. For example, it might pay income to your spouse while reserving the remaining assets for your children. The terms should explain whether the trustee can also use principal for your spouse’s needs.
If the arrangement includes your home, specify whether your spouse can continue living there. Address who pays property taxes and repairs, along with when your children receive the property.
For a living trust, signing the document alone doesn’t move assets into it. You’ll also need to coordinate property ownership and beneficiary forms with the trust.
The choice of trustee also deserves careful thought. A Virginia probate lawyer can help you consider whether an independent trustee would be useful when family members have competing financial interests.
Can you leave your spouse out of the plan?
Virginia gives a surviving spouse certain rights, including a potential elective share. This claim can reach some assets outside probate, and the calculation depends partly on the length of the marriage.
Leaving your spouse out of a will or putting property into a trust doesn’t necessarily eliminate those rights. A valid premarital or marital agreement may waive certain inheritance rights, but it must meet the applicable legal requirements.
Why should you review beneficiary forms and property titles?
Your will doesn’t cover all of your assets. Life insurance and retirement accounts generally pass according to valid beneficiary designations. Property held with survivorship rights generally passes to the surviving owner.
Compare these arrangements with your estate documents to ensure they are consistent with the same objectives. Some retirement plans require your spouse’s written consent before you name another beneficiary. Don’t assume a divorce automatically removes a former spouse from every account.
How can you make the plan easier for your family to follow?
Start by identifying what your spouse will need to live on and what you want your children to receive. Decide whether certain property should go directly to your children or remain available to support your spouse first.
If your children are minors, the plan can name someone to manage their inheritance. You can set conditions for when they receive control.
Clear instructions about family belongings can also reduce disagreements. Review your plan after remarriage or other major family changes so the documents continue to reflect your wishes.
A Virginia probate lawyer can help you create a plan that accounts for your family’s relationships and financial needs. Contact Brandon Davis, Esq., at (540) 425-8278 to discuss how to provide for your spouse while protecting the inheritance you want your children to receive.
