What
is a Last Will and Testament?
-A Last Will and Testament is
written documents that provide distribution of your property (estate) upon
death.
Do I
need a Will?
-A will is beneficial if you want
to ensure the right people receive the property you want them to have, or you
want to make sure the appropriate person is appointed your estate, it would be
in your interest to want a will.
How
often do I need to update/change my Will?
-Your Will should be reviewed by an attorney
and updated at any time there is a change in your financial standing
or a change in your personal life.
Occurrences such as divorce, marriage, a death involving a beneficiary,
or even moving to a different state can significantly change a Will. Every 5 years is a good timetable to have to
ensure that your will is consistent with any laws and desires.
What
are the requirements for making a Will?
-A will must be in writing
-The will maker must be at least 18
years of age
-The will must be signed by the
testator
-The will must be signed by at
least two witnesses who will not receive anything from the will
-The will maker must have the
mental competency to execute a will at the time it was signed and witnessed.
What
if a Person Dies Without A Will?
-If there is no will for someone
who passes, the court will appoint a personal representative to manage the
estate. Each state has its own formula
for appointing what close relatives receive.
Who is an executor?
-An executor is a person appointed
in your Will who is responsible for carrying out the terms. There will be alternatives in the case of the
primary executor being unwilling to serve.
Is
all of my property controlled by my Will?
-There are certain assets that fall
outside of your Will, called non-probate assets. Some of these assets may include retirement
benefits, bank accounts, and life insurance proceeds.
What
is Probate?
-Probate is a court-supervised
process for gathering assets of a deceased person, paying off the decedent's
debts, and distributing their assets to his or her beneficiaries. The decedent's assets are used to pay the cost
of the probate proceeding, then are used to pay the outstanding debts that the
decedent has, with the remaining being distributed to the beneficiaries of the
decedent.
Why
must an estate go through Probate?
-The state makes sure that the
estate will pay off all of its debts and tax obligations, as well as making
sure the property goes to the correct recipients. By default, estates will go through
probate. There are state by state cases
in which you have different options in bypassing probate, which can be
streamlined for smaller estates.
How
does the Probate process work?
-The executor will file papers to
the local probate court. From there, the
executor will prove validity of the will and present the court with the proper
documentation regarding your property, debts, and who will inherit remaining
assets. The process commonly takes a few
months to a year to be completed.
Should I plan to avoid Probate?
-Probate does not help your
beneficiaries much, in which it always ends up costing more time and money than
anticipated. Probate makes the most
sense when you have a complicated estate, potentially from debts that are not
easily payable from the property you leave.
