What is a Last Will and Testament?
A Last Will and Testament is a written legal document that says what will happen to your “stuff” after your death, who will be in charge of your estate, and who you want to be the guardian of any minor children you may have.
Every state has its own requirements for a valid Will, but a Will that has been properly created in one state will generally be recognized in another state.
Contrary to popular belief, a Last Will and Testament still has to go through probate.
I’ll say that again:
Having a Will does not eliminate the need for probate after your death.
What is probate, you ask?
Probate is the court process that makes sure a deceased person’s estate is settled in a fair and legal way.
This usually involves validating a deceased person’s Will (i.e., making sure it is legally valid and constitutes the person’s LAST Will and Testament), addressing creditors, collecting assets and income, paying estate expenses and debts, determining the decedent’s heirs-at-law, and distributing assets to the proper beneficiaries.
If that sounds like a lot, that’s because it is. Even the simplest probates can take six months to a year to complete, and probates generally cost $4,000 at minimum.
To avoid the need for your heirs to endure the expensive and time-consuming probate process, you should consider a living trust or other probate-avoidance techniques.
See more in our article explaining the differences between a Will and a trust.
Why is it important to have a Will?
You may have told your family or friends how you want your estate to be distributed after your death. Or maybe you have written a letter stating who you want to get your “stuff.”
But unless you have a valid Will (or other estate planning document), those wishes will not be legally enforceable. Consider, for example:
Do you have minor children? Unless you nominate a guardian for them through a Will or other document, then if you die a court will decide who gets to raise your children.
Is there a relative you want to disinherit? If you do not disinherit them properly through an Will or other estate planning instrument, that person may still inherit from your estate.
Are you worried that your heirs will fight over your estate? You should consider naming a neutral third party to serve as executor of your estate — but you must execute a Will in order to ensure that person can serve as executor.
All of these examples represent the importance of having a Will:
If you have a Will, you get to decide what happens to your estate after your death; if you don’t have a Will, the law will decide — you won’t get a say in the matter!
Get more information about Wills.
To ensure that your loved ones can inherit your assets after your death, or for more information about estate planning options, contact the experienced Oklahoma City estate planning attorneys at Postic & Bates for a FREE, no-obligation consultation.
Additionally, you can click the button below to download our FREE Estate Planning Guide with 70+ pages of important estate planning information: