What is a Last Will and Testament?
A Last Will and Testament is a legal document that states how you want your assets to be distributed after your death, who will be in charge of managing 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 does not avoid the need for probate. In fact, a Will must be probated to be effective.
I’ll say that again:
Having a Will does not eliminate the need for probate after your death.
Probate is the court process necessary to transfer title to property owned by a deceased person to the people who are now entitled to that property.
The process involves determining whether the deceased person left a Will (and making sure it is a properly executed Last Will and Testament), notifying creditors of the decedent and addressing their claims, collecting assets, paying estate expenses and debts, determining the decedent’s heirs-at-law, interpreting the Will to identify the beneficiaries of the estate, selling any property that needs to be sold, and then distributing the estate assets to the proper people.
If that sounds like a lot, it is. Even the simplest probates can take six months to a year to complete. They also generally cost $5,000 at minimum, and often even more than that.
To avoid the need for your family to endure the expensive and time-consuming probate process, consider a Living Trust or other probate-avoidance options. You can learn more about some of those options 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 those assets. But without 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 valid document, a court will decide who gets to raise your children if you die while any of them is still a minor.
Is there a relative you do NOT want to inherit from you? If you do not disinherit them properly through a Will or create some other kind of effective estate plan, that person may still receive some (or all) of your estate.
Are you worried that your children or other heirs will fight over your estate? Even if beneficiaries get along now, things change quickly. A Will makes it clear how your estate should be distributed and who should be in charge. You might also consider naming a neutral third party to serve as executor of your estate. But you must have a valid Will to ensure that person can serve.
These are just a few examples illustrating the importance of having a Will. If you make a Will, YOU get to decide what happens to your estate. If you don’t have one, the LAW will decide—you won’t get a say in the matter.
Learn More About Wills
An estate plan can provide you peace of mind and can be a gift to your loved ones. A Will is just one option. To learn about other estate planning options, download our free Estate Planning Guide with 70+ pages of important estate planning information.
To ensure the right people inherit your assets after your death, or to determine what kind of estate plan is best for you, contact the experienced Oklahoma City estate planning attorneys at Postic & Bates to schedule a free consultation.
[As with all of our online materials, the contents of this article do not constitute legal advice and are subject to our site-wide disclaimer.]