An Overview of Why Validating Your Will is Important
March 30, 2023
Only 33 percent of Americans have a will, despite the fact that more than 50 percent find estate planning important.
Only 33 percent of Americans have a will, despite the fact that more than 50 percent find estate planning important.
Despite the perception that estate planning is the province of the very wealthy, the law views estates as a combination of assets
An estate is probated when a deceased person’s will is authenticated, their assets are inspected, their debts are paid, their taxes are paid, and their remaining assets are distributed to their beneficiaries. After an asset-holder dies, the court will appoint a valid will’s executor to administer the probate process. In the absence of a will, the court will appoint a state administrator to handle probate. Probate law varies by state, but there are steps in the process that are common.
Whether you are drafting your first estate plan or have one already in place, it’s important to include a letter of instruction (LOI) in it. A letter of instruction can help your loved ones manage important information about you. A LOI conveys your desires, includes practical information about where to find various items referenced in your plan, and it can provide advice to help those you designate in managing your affairs.