How Does a Will Work? What is Probate? All You Need to Know
You’re an optimistic person and never think about death. But, after this last health scare, you’re starting to wonder about what would happen if you were to die!
The baby boomer generation is starting to realize that they need to think about their afterlife legal needs. But, studies show that only 58% of boomers have their estate planning documents in place!
But what is a last will and testament? How does a will work? What about probate?
Keep reading to learn everything you need to know about your estate planning in case you perish!
What Is a Last Will and Testament?
The first thing we should address is what a will is and what it does for you. A last will and testament is a legal document that establishes how someone wants their property and other assets to get distributed when they die. Your will identifies any beneficiaries, and it details what each person receives.
When completed, give a copy of the will to the executor or your attorney to hold until you die.
How Does a Will Work?
To make a will, you need to name one or more people who will receive your property and assets. The will must also state that you want to make a last will by signing the document.
There are many forms and sections needed to have a complete legal will and testament. If you’re concerned about getting the forms right, you might want to hire an attorney to help. A good lawyer to hire, like Graham Colley Solicitor, specializes in things like last will and testament, power of attorney, probate, and inheritance.
What Is Probate?
Probate is the legal process where a court of law looks at your will to decide if it’s legal after you die. A probate court’s purpose is to decide the legal validity of a deceased person’s will and grants its approval to the executor to start dividing the property.
The executor then locates all your assets, debts, and notifies all the beneficiaries. Some assets get sold to pay any debts before the executor can divide any property. If the court wants an inventory of the estate the executor will need to supply that before any transfers the remaining assets can occur.
The Last Lawyer You’ll Ever Need
The only two things in life that are certain are death and taxes. Since you can die at any age, it’s never too early to get your legal affairs in order!
But don’t get overwhelmed by the legal terms and the number of forms you need! If you hire the right lawyer, getting all the paperwork in order is not as painful as you think.
We hope you enjoyed reading this article and that you no longer need to ask questions like “how does a will work?”. If you’re looking for more great articles about legal advice, check out the rest of our blog today!