Does Your Will Encourage Lawsuits Between Your Family Members?
Many people in the Northern Virginia area are familiar with the concept of a Last Will and Testament (“Will”). Generally speaking, a Will is a document that dictates how and to whom your property will be distributed upon your death. However, have you stopped to wonder what would happen if those who survive you (family, friends, and those who claim are friends) feel snubbed by the distribution and try to contest and challenge the Will? That’s when things get tricky, and at PJI Law we help our clients implement strategies to avoid pitfalls such as will contests.
Hope for the best, plan for the worst. If you fail to plan, a will contest could cost your estate significant legal fees, even if your true wishes prevail. It will also cause hardship for your loved ones and beneficiaries because your estate cannot be distributed during a will contest. Furthermore, you risk a judge making or changing some of your most personal and important decisions.
The good news is, if you plan properly, there are ways to deter a will contest. One simple way is to include a provision whereby, if someone challenges your Will, he or she will forfeit that portion of the estate. Another way is to specifically identify who is not inheriting under your Will and explain that they are not receiving a share because they are provided for in another manner (for example through a life insurance policy). Another option is to create a revocable living trust that will hold the property, avoid probate, and appoint a trustee to act on your behalf to divide your estate. And last but not least, there are certain formalities that you can follow when executing your Will that will establish a presumption that it is valid.
When establishing or revising your estate plan, these are only some of the issues the attorneys at PJI Law address to ensure you are protected now and in the future. If you would like to discuss your estate plan with us, please feel free to call us at (703) 865-6100 to schedule a consultation. We look forward to helping you!