Having a Last Will and Testament in place gives many people peace of mind and assurance that their property will be distributed to their loved ones in a specific manner. A written Will allows you to choose who you would like to administer your estate at your death. This administrator is called your Personal Representative, and their job is to ensure that all your debts are paid using the resources of your estate, take an inventory of your estate, and ensure that your property is distributed in the manner your Will instructs.
Many people mistakenly believe that if you have a Will, your estate will not have to be probated. Actually, where the property is to be distributed according to the terms of your will, your estate may still require probate. Probate is a process through which the court oversees the paying of your debts and distribution of your property according to the terms of your Will.
There are many other estate planning options that may accompany or, in some cases, substitute a will such as trusts, transfer on death deeds, joint tenancy deeds with rights of survivorship, and payable on death beneficiary elections. These options can assist you in avoiding probate.
A complete estate plan can be tailored to your specific needs. Contact our office for a free consultation on how we can best serve you. Lee|Coats Law, 918-782-0000 or contact us by email at firstname.lastname@example.org.