Creating a comprehensive estate plan is the best way you can ensure that your wishes are followed after you pass. One of the most important factors of a well-rounded estate plan is to draft and execute a valid will. This document allows you to detail all of your assets and which of your beneficiaries shall receive them. It is important to have an experienced estate planning attorney that can help you draft a will that can effectively protect your assets.
Can I update my will?
Over time, it is likely that your relationships will change and the assets you have in your possession will change as well. When changes are made to assets and relationships, it is important to reflect them in your will. Often, wills are updated when a child is born, when a divorce occurs, or when assets are gained or sold. You are allowed to change or even revoke your will as long as you are still able to make decisions on your own. When you do make an amendment to your will, it must be done through a codicil, which must be formally executed in a similar manner as the original will.
How can I make sure my will is valid?
The state of Pennsylvania requires that certain requirements must be met to ensure that a will is valid, including:
- That the testator is at least 18 years of age
- That the testator is mentally competent at the time the will is created
- That the testator has declared the will in the presence of two witnesses
- That the witnesses must sign the will in front of the testator
If there is any belief that the will was executed with undue influence or was improperly executed, it may be contested upon your death.
Executing a will is one of the most important things you can do for yourself and for your family. Not only does a will bring you peace of mind about the future of your assets, but it also can make the challenging period of time after your passing a little easier for your loved ones. If you have questions about how to get started with the estate planning process, contact our firm today.
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.