Christopher B. Kroll & Associates – Elder Law Solutions

Question:  My Will was drafted ten years ago and the witnesses worked at a bank that is no longer in business.  Is my will still valid?

Answer:  It’s unlikely that the witnesses will ever be involved in your estate unless the will is contested. If you’re still concerned, you should consult with an estate planning attorney. On the other hand, since your will was prepared a decade ago and has not been reviewed, perhaps it’s time to ask a lawyer to review it to make sure it’s still valid. Much has happened in the last 10 years. Even if your family and financial situation haven’t changed, the estate tax regulations and the inheritance tax regulations in many states have changed.

In addition to a will, a basic estate plan usually includes a “durable power of attorney,” which delegates the power to legally handle your financial affairs should you become incapacitated, and an “advance directive,” which lets you legally direct your health care preferences in the event of your incapacity or terminal illness. Involving a lawyer, which may not cost as much as you think, gives you the added advantage of having someone to consult if your situation changes or if you hear about a change in the regulations that might apply to you.