Who is entitled to a copy of a will?

During the process of distributing an estate’s assets according to the will, it is not uncommon for interested parties to request to view copies of the will. Whether or not a party requesting an opportunity to view and receive a copy depends on who they are, their role in creating or managing the will, and their relationship with the deceased.

→ Read More

Can a will reduce estate taxes?

A will doesn’t help reduce the size of the estate, so it doesn’t reduce estate taxes. A will generally only saves on the expenses of probate (the legal process for transferring title of property from the deceased to the beneficiaries), because probating an estate with a will is usually less expensive than probating an estate without a will.

→ Read More

When does a will have to go through probate?

When a person passes away and leaves behind a will, there are certain set procedures and formalities that must be followed in order to legally account for and distribute the estate among beneficiaries. The filing of the will in court, referred to as admitting the will into probate, is a necessary step in almost every case.

→ Read More

What does a will usually contain?

While a last will and testament can be as simple as a few sentences stating your intent, there are some traditional provisions that tend to make the probate process smoother and eliminate any ambiguity with regard to family members. Some typical provisions of a last will and testament include the name of the testator (your name), your spouse, and distribution of special gifts.

→ Read More

Who should have a will?

If a person dies without a will already established, it will be left up to the courts to make decisions of these matters. The term Last Will and Testament is a more complicated name for a will’but, it means the same thing.

→ Read More

Differences Between Wills and Trusts

A trust is a way of transferring your property to an artificial legal entity or person (the trust) before your death, while still having the use and/or control of it during your lifetime. There are two kinds of trusts, revocable and irrevocable. If the trust is revocable you can change it or decide to take the property back any time during your life. If the trust is irrevocable, you can’t change it once you have set it up.

→ Read More