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Many people use a will to accomplish their estate planning goals. A will is a legal document that indicates your desire about the distribution of your assets and property following your death. A will gives you decision-making control over who will be responsible to administer your estate and follow your wishes (the executor or personal representative), who gets what (the beneficiaries) and also, how and when they are to receive it. For those with minor children, what is most important is that a will allows you to state who you want to be responsible for the care of your children (guardian). Without a will these decisions will be made by the court, not you.

Wills however, are subject to probate. Probate is the court-directed process of distributing a person’s assets and possessions after death. The probate court governs the distribution of your estate according to the instructions of your will.

 

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version | 2009.3.11 G
Friday
November 20, 2009