Building Legacies that Last Estate Planning and Elder Law

The Challenge of Digital Wills

Many legal documents can now be digitally created, signed and stored. Wills could be next.  However, there are some things that will need to be worked out. Bigstock-Young-man-holding-a-trash-bin--26453660

The basics of executing a proper will have not changed very much over time. To be certain that a will is valid, it must be a written document. It must be signed by the testator in front of witnesses, who also must sign the will. The original and not a copy of the signed will must be presented to the court at the appropriate time.

These rules were developed because when a will is presented to the court, the deceased cannot come forward and testify that the will is valid. The witnesses can testify that they did see the deceased sign the will, while he or she was competent and not under any duress.

Most writing is now done digitally, and many people would also like to make wills digital. That presents some challenges, as the New York Law Journal explains in "Wills in the Digital Age."

The first thing that must be figured out, is what counts as a digital signature for the purposes of a will. Digital signatures are allowed for things like contracts and taxes.  However, the signer of those documents can be asked if anyone needs to question whether the signature is valid.

That is not possible for a will, so it is likely that witnesses are still necessary. That leads to the question as to what constitutes witnessing a digital signature. If signing is the click of a button, must the witnesses just be present to see the button clicked?

Finally, it will need to be determined how the digital wills should be stored to make sure they are not edited after the fact.

Because of those difficulties, the introduction of digital wills is likely to be uneven in the different states.  The states will most likely have different answers for the challenges presented by digital wills.

Reference: New York Law Journal (March 6, 2018) "Wills in the Digital Age."

 

 

Revoking a Trust

Irish-handsPeople commonly wonder if they can revoke a trust that they no longer like and if they can have more than one trust. The answer is not a simple yes or no.

A reader recently asked a NWI Times column “Can an individual establish more than one trust?” It seems that the reader was curious whether he could have more than one trust and if creating a second trust would automatically revoke the first one.

These are common questions because most people are more familiar with the law of wills than of trusts. A person cannot have more than one will and creating a new will is an automatic revocation of any previous wills. Trusts do not work like that.

It is possible for a person to have more than one trust. It is not uncommon when people want to accomplish different things with different trusts. However, the assets put into the trusts cannot be the same and most people have no reason to have more than one trust. What most people seek to accomplish with a trust, can best be done with only one.

Whether and how a trust can be revoked, depends on what type of trust it is. Some trusts are created to be revocable at any time, but an attorney should create the trust.

Other trusts are created to be irrevocable. Sometimes they can be revoked but there are often tax penalties for doing so. It is usually advisable to amend an irrevocable trust where and how state law allows.

If you have questions about a trust you have created, it would be best to consider meeting with an estate planning attorney.  Profit Law Firm has estate planning attorneys with meeting locations in Chevy Chase, Greenbelt, and the District of Columbia.

Reference: NWI Times (Feb. 18, 2018) “Can an individual establish more than one trust?