How to Probate a Will
Planning for the future can be an exciting task. Nothing beats the feeling of finally making your dreams come true, but one aspect of the future that may be hard to think about is death. What happens when a person dies? Where will his properties go? Who will manage his assets? Sure, this is a bit sad to think of, but at one point, you have to consider these things.
Making a will is one way of ensuring your assets and even your liabilities. When a person dies, his will needs to be validated through a process called probate. This method is done to supervise the transfer of your estate to your beneficiaries.
Probate Process
Upon a person’s death, the will is taken to court by his personal representative.
A probate court manages this process.
Depending on where you live, some courts will require your personal representative to publish a death notice in the newspaper. This will notify people who have interests in your estate to make a claim in court.
Your personal representative will be tasked to identify and list all of your properties to accurately establish the value of your estate.
When the inventory is done, The probate court will distribute your estate to your creditors.
After your debts have been paid, what’s left of your estate will be given to your beneficiaries.
Things You Should Know When Making a Will
Wills are important to protect your family and your estate. If you die without a will, your properties will be distributed according to your government’s laws.
2 types of wills are:
A notarial will is a written will prepared by the testator. This is the most common form of a will.
A noncupative will is an oral will that needs to be transferred to a written document as soon as possible.
It’s wise to consult a lawyer when making a will. He will be able to help you make one that will stand up in court.
Start by listing what you have and what you owe, then decide to whom you will give your properties to.
Real and personal properties are to be stated in the will. Real properties are lands and structures you own while personal properties refers to your other assets. To avoid confusion, the difference between real and personal properties is that personal properties are movable while real properties are not.
Choose a personal representative that will administer your will.
A will may be invalid for several reasons. Some examples are:
The testator is under 18 years old.
The testator is mentally incapable of making a will.
Threat or coercion was used to obtain a will.
Here are a Few Legal Terms You Should Know
Decedent is the legal term used for a deceased person.
Testator is a female decedent
Testatrix is a male decedent
Intestate refers to decedent without a will
Your personal representative or will facilitator is called:
Executrix for a female representative
Executor for a male representative
Your beneficiaries may be classified in 2 categories
A devisee is a beneficiary of your real properties.
A legatee will receive your personal properties.
Protect your family and estate by making a will. It doesn’t matter how big or small your estate is. What’s most important is to secure your family’s future when you’re gone. You may be leaving them behind, but you won’t be leaving them without things to remember you by.