|Added Jun 17, 2017 Views 39 Rating|
Important Information about Wills and Probates When one makes a will, he makes a legal document, stating the things that he wishes upon his demise when it comes to his funeral, his children’s care and how his estate is to be distributed. If a person dies with a drafted will, they are said to have died testate in legal terms. If a person did not leave a will then it is said that the person died intestate. The will mentions the name of the executor. He is the person entrusted by the dying person with the task of executing the will after his death. This executor can be someone close to the family, a relative, a friend, or an attorney. Those who are named as executor is referred to as a representative of the estate in probate so that it can cover executors of both genders. When there is a will, it will be easier for the family of the deceased person when it comes to estate distribution issues. It reduces the possibility of disagreement or misunderstanding between family members when they are trying to figure out the death wishes of the deceased. Executing a will may sound easy but it is not. The reason for this is that the law requires wills to be validated by a court which could take some months to accomplish. The executor validates the will by applying for a grant of probate in a probate court. Probate is a legal process where the estate of the deceased person is identifies, validated, and distributed under the strict supervision of the court. In this process, payment of outstanding debt co creditors and payment of outstanding taxes such as death and inheritance tax is included. The special court that interprets the will and validates the claims on the estate by third parties such as creditors of the deceased is the probate court. Their task is to oversee the probate process from when the executor files for a grant of probate up to when it is granted and ownership of the estate is transferred to the rightful beneficiaries.