Wills
Tell the world what you want to happen, but by itself doesn’t make anything happen
What is a Will?
“Whether from personal experience or popular culture, most people have some idea of what a will is. A person, usually with the help of a lawyer, prepares a will in which they list their heirs, and how they want their real estate and other assets to be distributed among their heirs when he or she dies. It’s actual a fairly simple document and fairly easy to draft. Most lawyers can prepare them quickly and for a fairly low fee.
The problem is that wills are not self-executing. Your heirs can’t take your will and your death certificate to a bank and close out your account, or to a realtor to sell your house. That’s because what a will really is is a statement of your wishes. It tells the world what you want to happen, but by itself the will doesn’t make anything happen. Put another way, the will is a piece of evidence of your wishes.
What Happens Next?
When you die, in order for your heirs to obtain your assets, they will have to take your will to the probate court responsible for the county where you live. The judge will determine if the will is valid. Assuming the judge finds the will to be valid, the court will give your heirs letters of authority, which will allow them to liquidate your assets and distribute them per the terms of the will.
If you would prefer that your heirs avoid the cost and delays of court proceeding, you should consider a complete estate plan based on a revocable living trust, which accomplishes the same thing as the will without court supervision. A complete estate plan includes a form of a will known as a “pour over will” to make sure that any assets that weren’t funded into the trust in your lifetime also pass to your heirs, but if you and your estate planning attorney do the work correctly, there will be no need for your heirs to probate the pour over will.”