THE USE OF A WILL IN AN ESTATE PLAN
A will is a document that gives clear instructions to a personal representative, or executor, about how to distribute assets when a person dies. A will is created during life but takes effect upon the death of the person who created it, known as the testator.
At the testator’s death, the will goes through probate. This means it enters into a process wherein a court determines whether the will is valid by reviewing the document and confirming that the testator followed all legal formalities. If the court is satisfied that the will is what it purports to be, an executor distributes the estate to beneficiaries and addresses the payment of debts owed by the estate, among other pre-determined administrative tasks.
There are a number of benefits to establishing a will in addition to a trust. One reason is that a will allows the testator to designate a guardian for minor children. Further, while a person must consciously move assets into a trust, a properly-worded will addresses any property the testator may own at death that was not contemplated when the will was created. A will may also be beneficial when an estate is small enough to qualify for a simplified probate process, which is available in some states under certain circumstances and is generally less costly and quicker than regular probate.
Re: Jeffrey Johnson, Free Advice
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