A Final Will and Testament plays a critical role in settling matters of your personal estate. However, this key legal document can only achieve these goals if you prepare it correctly. Certain omissions or inclusions may work against your
Fortunately, you can optimize your will's effectiveness once you understand what validation rules you must follow and what kinds of assets and conditions you can't or shouldn't include. Take a look at four missteps you'll want to avoid during the will preparation process.
1. Neglecting the Basic Requirements for a Valid Will
First and foremost, any will must follow the rules and protocols that make it a binding legal document. For instance, if a younger member of your family wants to create a will, that person must first reach the age of majority. Pennsylvania
has established its age of majority as 18. However, other states may impose higher age limits.
Pennsylvania doesn't require you to sign your will in front of witnesses to make it legally valid. However, such witnesses may play a crucial role after your death by affirming to the court that you signed the will yourself. If you choose to recruit witnesses, try to select witnesses with no personal stake in your estate.
2. Including the Wrong Kinds of Assets
If you've seen films in which people's wills seem to include every possible asset, bear in mind that in real life it doesn't work that same way. If you try to include everything you own among the assets listed in your will, you may create complications that render the will void, which may cause the bulk of your estate to go into probate.
Some assets automatically go to specific parties regardless of what you direct in your will. For example, joint tenancy property always goes to the surviving tenant, while retirement plans and insurance benefits automatically go to the beneficiary you named in those agreements. Leave these items out of your will.
You should also exclude property named in a living trust from your will if you want to avoid awkward inconsistencies. If you've already placed assets in a living trust and you want them to go to a different beneficiary, you must modify the trust instead of trying to change your will.
3. Imposing Questionable Conditions
Don't make the mistake of adding conditions to your will that the recipient (or the court) cannot interpret and honor easily. For instance, you can't bequeath gifts on the condition that the recipients use them for illegal purposes. You should also avoid the imposition of any conditions that contradict other parts of your overall estate plan.
Even when the conditions you request create no obvious legal conflict, they may still prove so vague that the court may find them impossible to interpret or enforce. For instance, the condition that someone marries by a certain age offers much more clarity than the condition that the person finds true love.
4. Making Arrangements Best Made Elsewhere
A will can ensure that your beneficiaries receive many forms of much-needed support after your death. However, you shouldn't try to include arrangements for care that other types of legal instruments specifically cover, such as trusts designed to arrange care for someone with a disability.
Don't include your funeral arrangements in your will. Remember that your will must go through probate court, a process that can take weeks or months to complete. During this extended period, your beneficiaries might have no idea of your funeral directives or preferences. Make separate funeral arrangements instead.
If you want to ensure that your Final Will and Testament meets both your own needs and those of your beneficiaries,
make an appointment
with Donald B. Linsky & Associates PA. Our estate
