Probate court ensures that a will is executed according to the wishes of the individual who has passed away.
While you may draft a will assuming that your choice of executor won’t change, there are different reasons why making a switch may be necessary.
Creating a will should be the first step in a comprehensive estate planning process, since it allows you to make sure that your wishes are properly carried out after your death.
Many people think that estate planning and writing a will are the same. However, one is actually just part of the other.
What Is a Beneficiary and How Do I Name One?
If you die without a will, you die ‘intestate’ and your assets will be distributed according to your state’s law. That could result in a distribution you didn’t intend.
If the surviving spouse is a second or subsequent spouse and did not have any children with the decedent, the surviving spouse takes even less.
Just 34% of adult Americans have an estate plan and 37% of respondents said they didn’t have a plan at the ready.
Before approaching the subject of the will, you need to consider that the loved one may be guarded and resistant to talk about it.
Nobody wants to think about how their loved ones will cope when they die. However, it’s important to plan effectively to ensure a smooth transition of your wealth and worldly possessions — even if you’re young or feel like you don’t have much to leave behind.
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