What is a Will?
A will is a legally binding document that states how all your property is to be distributed at your death and names a personal representative for your estate. Among other things your will can do:
Designate property to be placed in trust for your beneficiaries
Designate Guardians of minor children
Direct how debts, taxes, probate fees and other costs are to be paid
Designate a fiduciary to manage the affairs of an incapacitated beneficiary
What happens at your death?
At your death, your Will may be probated. Probate is a legal procedure for settling your estate which is supervised by the court. During the probate period:
Your executor notifies beneficiaries of your death and provides each beneficiary with a copy of your will.
A death notice may be published in a local newspaper and mailed to any ascertainable creditors. This gives creditors a specific time period to present unpaid bulls.
The probate attorney files the appropriate papers with the court and attends any required hearings.
Your executor works with the court to inventory and value your assets, pay debts, pay estate and other taxes, collect benefits, and file your final income tax returns.
After these steps have been completed, your executor makes distributions to your beneficiaries according to your will, officially closing your estate.
