If you’re like most people, keeping the details of your life, family, and finances private is something you take very seriously. As such, when creating your will and estate plan, you may be worried about privacy. However, given the nature of a will, it’s important for this document to be accessed by interested parties, meaning it must become public. If you’re worried about these matters, understanding when a will becomes public record and what your additional estate planning options are is critical. The following blog explores what you must know about these important matters and how Pennsylvania estate planning attorneys can help guide you during this process.
Is my will public record?
It’s important to understand that upon your passing, your will does become a public record. This means that throughout your lifetime, your will remains private. However, making it public record ensures that interested parties are aware of the terms and conditions you have established before your passing.
This is because your will must go through probate, which essentially means the court will validate and oversee the distribution of assets per your wishes. Once your will is filed with the probate court, those listed as beneficiaries and your legal heirs will be notified and receive a copy of the document. However, because it has been submitted to the register of wills, it will become public record, meaning anyone who wants to see a copy can request it through the court.
What can I do if I want to keep my estate private?
If you want to keep your estate plan private it’s important to understand that you have options to help keep this information private. However, you should know that it is in your best interest to work with an experienced attorney if you have concerns regarding the privacy of your will, as they can help ensure whichever option you choose is legally binding.
The first option is to use a revocable living trust instead of a will. This allows you to retain control over the trust while making modifications as necessary. Because assets held in a trust do not undergo the probate process, this rarely becomes public record. Typically, information regarding a trust only becomes public in the event of a lawsuit.
You can also create a will that contains only absolutely necessary information with the help of an attorney. They can advise you as to what information must be included to guarantee your assets are distributed according to your wishes while ensuring the document is more private.
As you can see, this is a very important matter for many. If you have privacy concerns regarding your will, the team at Friedman Schuman Layser can assist. Our firm will help you explore your options so you can feel comfortable while also having peace of mind that your wishes will be honored. Connect with our firm today to learn how we can help you during these complicated matters.
