If you have children, and are at the beginning of your life in the proverbial “adult world,” you may have begun to give thought to estate planning. In that regard, you may be considering having a last will and testament prepared. There are a number of points to bear in mind when you have children and are considering having a last will and testament made.
Financial Considerations of a Last Will and Testament
In any situation, including when a person has minor children, financial considerations represent the primary thrust of a last will and testament. The focus in your case would be on making sure that your children have the financial provisions necessary to live appropriately. As part of this endeavor, specific provisions need to be included within the will that address who will oversee and manage the financial arrangements made for the children in the last will and testament. This typically includes the appointment of what is known as a conservator.
Guardianship for Your Children
Another key element of a last will and testament when you have children is a provision for who will take care of them when you pass away. The last will and testament proposes a guardian or guardians for your children. Oftentimes, this is a close family member, or close family members.
The court needs to take additional action to formally designate who you select in your will as guardians for your children. However, by making the designation in your last will and testament, you better ensure that your wishes regarding your children are carried out when you are gone.
College and Your Children
Most parents desire for their children to obtain a higher education. You may be among them. If that is the case, you will want to include a provision in a last will and testament that addresses funding for college.
Legal Counsel
Because of the unique complications associate with a last will and testament when you have minor child, retaining a qualified estate attorney is highly recommended. An estate lawyer will be able to evaluate your unique circumstances, and those of your children. Armed with that information, an estate attorney is able to draft the ideal last will and testament to meet your needs, goals and objectives.
A key component of estate planning for many individuals is the writing of a last will and testament. There are specific protocols that must be followed in order to execute a will in a proper manner.
State Law Governs Wills
The laws of each individual state governs the manner in which a last will and testament is to be executed or signed. With that said, there are some general will execution protocols that are followed across the United States, including in the commonwealth of Pennsylvania.
Sound Mind and Body
A person intent on signing a will must be of sound mind and body. What this means is that an individual signing a will must be in a proper physical and mental condition. In addition, in Pennsylvania, a person must be at least 18-years old to execute will.
A basic test exists to ascertain if a person truly is of sound mind and body, fit to sign a will. The person seeking to execute a will must understand that signing the will is in fact the task at hand. The person must also have a general understanding of the nature and extent of his or her assets, the property that is subject to the will. The individual signing a will must understand how his or her assets are being distributed or allocated pursuant to the terms of the instrument.
As an aside, a person must be sober at the time of the signing of a will. The individual cannot be under the influence of any mind-altering substance.
Notary Public
A will must be executed in front of a notary public, or a similar type of official. For example, a will can be signed in front of a judge in most jurisdictions. The notary public authenticates the person signing the will did so in a manner consistent with the laws of Pennsylvania.
Witnesses
The one area in which there is some more significant variation from one state to another is in regard to the witnesses necessary for a will signing. The witnesses must be adults and physically and mentally competent at the time of the will signing. Other types of will contests can happen as well. A last will and testament in Pennsylvania must be witnessed by two individuals.