Statutory Wills: These are public forms that only require you to fill in blanks about who is getting what. Because they are public, they are quickly accepted by courts of law, though not all states will have them. [3] X Research source Personal Wills: You can write your own will, though you need to be very specific about what is going where to avoid complications. You will need 2 witnesses to sign as well. There is also software that can help you write the will. [4] X Research source Working with a Lawyer: Your safest bet when writing a will is to hire a lawyer. They can answer questions, help avoid pitfalls, and defend your intentions after you die. Simple wills cost anywhere from a few hundred to a thousand dollars. [5] X Research source
Spouses are most commonly named executors, as they are familiar with the estate. Trusted friends and family members make good executors. If you do not name an executor one will be court appointed, which could lead to executor expenses for your family. [6] X Research source
You should similarly account for any of your pets. [7] X Research source
Assets are anything that can be sold for money. Debts are bills, loans, or expenses that need to be paid after your death. The value of real estate listed on the inventory should be the most recently appraised value. Consult an attorney or a certified public accountant to determine if a formal appraisal is required in your state. Personal property values listed on the inventory are calculated based on current market value by agreement of the heirs, or appraisal of the personal property by a licensed appraiser.
You can also “lump” things together with phrases like “all of my furniture and household objects will be given to my son, Thomas Kitchener. "
Wills are commonly used as a backup to a trust fund, providing insurance and legal background in the case of a dispute. [9] X Research source
This applies to life insurance policies and annuities as well.
Living Will: Outlines treatment you wish to receive or wish to forgo, and under which conditions. [11] X Research source Power of Attorney: Designates someone to make health-care choices for you when you are no longer able. [12] X Research source Letter of Instruction: Outlines specific end of life instructions, phone numbers and information for bank accounts or insurance, and basic instructions for your family after you’ve passed. This is not a replacement for a will, but can help in the days immediately after you pass. [13] X Research source
The American Bar Association defines probate as “the process by which assets are gathered, applied to pay debts, taxes, and expenses of administration, and distributed to those designated as beneficiaries in the will. ” Not all estates need to be probated – there are times when the executor of the will can distribute the estate without court interference.
The American Bar Association defines probate as “the process by which assets are gathered, applied to pay debts, taxes, and expenses of administration, and distributed to those designated as beneficiaries in the will. ” Not all estates need to be probated – there are times when the executor of the will can distribute the estate without court interference.
If the decedent (the person who has died) did not leave a will the family decides who to ask the Court to appoint as administrator(s). The Court may appoint one administrator who is authorized to act alone, two or more administrators who are required to act together, or two or more people authorized to act alone, depending upon the agreement the decedent’s family reaches. [17] X Research source
Gather all financial documents including bills, bank and investment statements, and information on any outstanding loans. Add up all bills, including the payoff amount for any loans or credit cards. Add up the value of the estate assets, including the estimated value of all real estate. You may use the last appraised value of the real estate for estimation purposes. Subtract the total debt from the total assets. This is the estimated value of the probate estate.
If the estate’s assets do not exceed your state’s small estate limit, but if there is real estate involved you may be required to set up and administer the estate through the probate courts. Check your state’s probate code or with your attorney for your state’s rules governing small estates. If the estate’s assets do not exceed your state’s small estate limit, but there is any dispute as to whom should inherit property or pay estate debt, you may choose to probate the estate in order to have these issues decided by the Court. In informal administration, when the executor carries out the decedent’s wishes, property may be transferred via an affidavit (written, court-confirmed statement) or through summary administration, bills paid by the family in almost any manner agreed upon, and no estate set up. [19] X Research source
They are jointly titled with another party, such as joint bank accounts or vehicles, which list a co-owner on the title. They are named as a transfer on death beneficiary. A transfer on death beneficiary can be designated on financial accounts, vehicles, and, in some states, real estate. Transfer on death beneficiaries will be listed on the title or deed to the account, vehicle, or property if one has been named. They are named as a beneficiary. A pay on death beneficiary can be designated on financial accounts and life insurance policies. Pay on death beneficiaries are listed on the account or policy if one has been named. [20] X Research source
