Probate is the legal process of administering a person’s estate after death. Probate is exercised in both scenarios where there is a Will or where it’s not.
- If a person dies without a Will, the court will decide how to distribute the person’s estate.
- If a person has a last will, probate will involve proving that the; 1) Will is valid, 2) Executing the instructions as per the Will, and 3) Paying applicable taxes.
Having a written will is one way to make the probate process easier for loved ones. After all, the choice doesn’t only specify who should inherit what; it also designates who should take care of the family members, like children and parents. In addition, it also mentions the name of the executor of the Will. An executor is a person that fulfills the instructions mentioned in a Will.
If you have mindfully prepared an estate plan, you’re smart. Creating a Will or Living Trust makes a challenging life event easier for your loved ones.