The Last Will and Testament is an important legal document which tells the court (upon your death) how you want your probatable estate distributed.
Not all property goes through probate. For example, property held jointly would pass to the survivor without the necessity of being probated in most cases. A will has several components which will tell the court:
- Whom you want to be your personal representative [Executor];
- Whom you name as guardian of your minor children, if you have any;
- Whom you name as the conservator of any monies received by minor children;
- The terms of any trust you might want to establish.
Unfortunately, probate is unpredictable. That’s why many people chose to avoid it. However, if all of your heirs agree (Do your siblings always agree?) and your assets are centralized, it can go smoothly. If only one of the heirs, or someone who thinks they should be an heir contests the will, it can be costly, potentially drag on for years, and it’s all public record.
Do you want your neighbor knowing your personal business? Do you want this to happen to your heirs? I didn’t think so! There are ways to Avoid Probate. Learn how by reserving a seat at an upcoming LifePlan™ workshop.
