No matter how old you get or how healthy you are, death is a scary prospect. But planning can help ease some of those fears. Learn about wills, probate, and funeral planning, and how to create documents to ensure your wishes get fulfilled.
After a loved one passes away, there will be many decisions to make-including financial ones. It’s never easy to face money matters at a time like losing a loved one, but doing so now will make it easier for your family when the time comes. Fortunately, you don’t have to navigate the ins and outs of wills, probate, and burials alone. This guide will help you start making decisions with an overview of these topics.
What is a Will
A will is a document that helps determine what happens to your property after you die. You can name friends or family to inherit your property or name specific people or organizations. If you don’t have one, someone will decide what happens with your property, and that may not be the people you’d want to inherit.
Why A Will Is Important
There are numerous reasons why a will is important. Firstly, it allows you to plan how and where everything goes after your death. The step protects your estate from going to individuals who would likely spend it on frivolous things. Secondly, you can give your heirs gifts, such as property, money, or possessions, that otherwise would be subject to estate taxes. Third, a will lets you name an executor or personal representative.
Who Is the Heir
The heirs are the children of a deceased person. Generally, this refers to children and natural children who have inherited the entire estate of a deceased person. A child is assumed to be an heir unless it is proven otherwise. Choosing the right heir is crucial in estate planning to ensure a smooth and fair distribution of assets. If an heir cannot be located, hiring private investigators (Click here to know more) becomes essential to trace their whereabouts. This ensures that the rightful beneficiaries receive their inheritance and that the estate is handled according to the state’s laws. Keep in mind that, as per state laws, an heir does not automatically have the right to inherit everything.
Probate Of a Will
Probate is the court-supervised process of administering a will. It is the legal process that decides who inherits your property when you die if you do not have a will. In most cases, the services of a probate lawyer are solicited by the family to guide them through this process. Your state may also have a system in place to decide who will inherit your property for you. After a will is created, it is submitted to a probate court, where its validity and terms are reviewed. If the court finds your estate plan valid, it approves it and gives it the legal effect of a will. It appoints a personal representative (also known as an executor or executrix) to administer your estate.
Why Probate of a Will Is Important
When someone dies, they name an executor of their will to administer any remaining assets and pay off any debts. The state also requires the executor to file paperwork with the courthouse, called an application for probate. The executor also notifies the county of the decedent’s death so that any other interested parties can find out the will has been made. This is followed by conducting a probate valuation. It is carried out with the help of companies like Avery Associates in order to determine the total worth of the estate. Once the executor obtains knowledge of the estate’s value, they proceed with the equitable distribution of assets to beneficiaries.
Funeral
When a loved one passes, it can be an emotional time when families of the deceased are mourning the loss of a loved one. Many families choose to have a funeral service to begin the mourning process. A funeral service is a religious service that focuses on grieving the loss of a loved one. Family members at the service can say their final goodbyes to their loved ones. The service typically also involves prayers, readings, and eulogies. Sometimes it can be hard for the family members to accept that their loved ones are no more amongst them. In such cases, the process of mourning can seem to be never-ending. These people often visit the Gravestones of their loved ones and offer flowers as it is considered to be the only visible marker of the one who has departed.
Importance Of a Funeral
The importance of a funeral cannot be over-emphasized. A funeral brings closure to family and friends. It provides an opportunity to say goodbye to the deceased and acknowledges their community contribution. The funeral allows the survivors to grieve the loss of their loved one and express grief and share their memories.
Though a will can be an important legal document, the purpose of an estate plan is to inform your loved ones about the changes in your life so they can help take care of those matters while you are gone. Creating a living trust can provide many of the same benefits without waiting to get your affairs in order.