Most people know that they need planning or some type. However most people don’t understand who planning works. A recent article form The New Enterprise entitled “Understating probate helps when drafting a will” takes a look at what a will is and why one is need.
The most simplistic definition of a will is a formal documents that express a person’s wished for the distribution of their property after death. The will, some times called a last will and testament should not be confused with a living will, which is a document that indicates a person desires regarding end of life decisions.
It is important to understand that having a will does not stop you or your loved ones from having to deal with the courts to transfer assets when a person passes. Instead, a will is the planning tool that tells the courts where you want your assets to go. Assets that are not transferred outside of probate court, will flow through the will to the named beneficiaries.
Without a will any assets that end up being probated, or transfer by the court, will be distributed based on your state’s intestacy laws. Which could result in your assets being distributed to people you did not want to have them.
Speak with an attorney to understand the planning options that would be best for you.
Reference: Griffin, C. (2021). The News-Enterprise. “Understating probate helps when drafting a will”. https://www.thenewsenterprise.com/features/seniors/understanding-probate-helps-when-drafting-will/article_407ff10e-6c3e-5237-8c0e-c5959a9fa3cd.html
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