WHAT IS A WILL?
A will is nothing more than a document that requests the Court to order the transfer of property after death. Having a will DOES NOT automatically transfer property upon death. It takes the order of a Judge to make the transfer.
A Will provides flexibility in that it may be amended, revoked or beneficiaries changed during your lifetime. A Will can also provide some degree of control in directing the distribution of your estate if there is no successful Will Contest filed by a disgruntled heir and if the Probate Court approves the distribution. However, it does nothing to accomplish any of the other important goals. It takes effect only upon death as a means to direct the probate court in distributing your assets. It will not avoid Probate, and for that reason, it maximizes fees and costs taken from the estate prior to distribution.
|
|