Wills and Probate

Wills:  A will is a legal document that accounts for and directs how a person wishes their assets to be distributed upon their death.  If a person dies with a will, they are referred to as being "testate".  If a person dies without a will, the person is referred to as being "intestate".  Generally speaking, when a person dies intestate, the laws of the state in which they die govern how that person's assets will be distributed.

Having a will is particularly important if a party has a spouse, children, family members or other individuals that person wishes to provide for or make certain that certain assets pass to specific family members upon their death.

Trusts:  Trusts are another way that a party can account for and direct how that party's assets and liabilities are to be addressed upon their death.  Trusts are particularly important if a party possesses real estate in one or more locations, and does not wish their estate to have to be probated.  Trusts are also a useful way for a party to keep their affairs private upon their death, since trusts can usually be administered without the need  for having to have the estate probated.

Probate:  Probate is the legal process for settling an estate, whether a party has a will or not.  Generally speaking, when a party dies and the matter is probated, a court proceeding is initiated advising the court of the party's death and appointing a representative to act on behalf of the estate to determine and account for the decedent's assets, notify creditors and/or potential creditors of the party's death, pay claims made against the estate and then distribute the remaining assets, if any, to those entitled to receive them.

Advanced Directives:  Advanced directives include Living Wills, Powers of Attorney for Health Care and Powers of Attorney for Management of Assets.  These documents provide information as to how a party wishes to be treated as it relates to health care and management of their assets in the event they become unable to do for themselves.