Probate is essentially the court process that involves estate management of a deceased person. The first step in Probate is searching for the will of the deceased person and submitting it to court. A judge then makes a decision on the validity of the will and if it is the most recent and operative will. In many states, the validity of a will is considered null and void if the will is not updated after the testator has gotten married or remarried. If there is more than one will that is presented to the court, the judge uses any available evidence in order to determine which one is the most recent and therefore operative.
Once a court has deemed a will valid, the subsequent step is to identify the executor of the estate. Creditors with claims and beneficiaries are identified as well. No one other than the aforementioned can approach the judge and make requests of the court. Interested parties need to meet certain qualifications in order to qualify. These qualifications are: 1) be a beneficiary in the will; 2) is a spouse or biological child); or 3) be a creditor and file a valid claim with the court for what is owed to him or her. The executor is typically someone that the decent considers competent and highly trustworthy. Family members or friends are common choices for executors of the estate. Some people also choose attorneys or tax experts. In the event that there is no nominated executor or they are deceased or refuse to accept the responsibilities, the judge chooses a professional associated with the court to do the job.
Retirement planning focuses on the saving and investing of money in order to accumulate adequate wealth to guarantee survival into old age. However another aspect of being financially responsible that many people tend to neglect or put off is creating a last Will and testament. This is crucial as this legal document dictates asset management and distribution after a person has passed.
The foremost reason why creating a Will is important is because it allows the decedent to decide on designation of assets after he or she has passed away. This Will ensure that specific people in your life are entitled to financial support even after you have gone. If a certain child of yours has greater need for financial support than your other children, creating a Will ensures that he or she receives the amount that you designate. Similarly, other assets such as property are also covered by the Will.
An executor is the person that is responsible for carrying out the Will once the person has passed. The person who created the Will appoints an executor for the purpose of ensuring that asset distribution goes as planned in accordance with the terms of the Will.
At the Will and Probate Centre our foremost commitment is to help you with your Will and Probate needs. Excellence is our priority as we provide you with clear and sound advice in a language that is easy to understand. We implement every measure to ensure that the preparation and execution of your documents is accomplished in a speedy and efficient manner.