Wills
Most people are somewhat familiar with what a will is; they are the simplest and perhaps oldest form of estate planning other than not doing any planning at all. Some wills have become infamous (see, for example, the wills of Leona Helmsley or Michael Jackson) while most do not.
A will is a basic outline of how the writer (referred to as the “testator”) wants his or her estate distributed following his or her death. For some, particularly those with small estates with no real estate, creating a will may be an appropriate form of estate planning. Following the testator’s death, the person left in charge (referred to as the “executor”) will normally need to submit the will to probate--a process that may take six months to a year to complete. There are also faster "summary probate" procedures available when the testator's estate is valued at less than $100,000.
The testator’s probate estate will include all real property titled in his or her name and all bank accounts individually held, among other assets. Once the executor nominated in the will is appointed by the court, the will is “proved” as authentic, and notice published in the newspaper to the public and to creditors, the process of distributing the estate to beneficiaries and creditors can begin. Contrary to what you see in the movies and on television, there is rarely a formal "reading of the will" for the beneficiaries to attend.
Important
This information is not to be construed as legal advice; you should consult an attorney about your specific issue before relying on anything discussed on this website. If you are looking for advice about your specific legal issue, I offer all prospective clients a free initial consultation and my services are available on either an hourly or flat-rate basis and at reasonable prices. Please feel free to contact me if you have any questions--my contact information is available here.
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