Wills & Estates: Protecting Your Interests with Stillman LLP

Definition of Wills & Estates

Wills and Estates refer to the legal process of planning for the distribution of a person’s assets and property after their death. It is necessary to receive the proper legal aid to create a Will, which is important because it allows an individual to dictate how their assets will be distributed, rather than having the state make these decisions for them. This article aims to provide an overview of the basics of Wills and Estates, including the definition of a Will, the importance of estate planning, and the probate process. The purpose of the article is to educate individuals on the significance of having a Will and the various tools and processes involved in estate planning. At Stillman LLP, our priority is the best interests of our clients. Get in touch with us today and get the legal aid you need.

What is a Will?

A Will is a legal document that outlines how an individual’s assets and property will be distributed upon their death. It is a crucial tool for estate planning, as it ensures that a person’s wishes are carried out after they pass away. The components of a Will include the appointment of an executor, who is responsible for carrying out the terms of the Will. The Will also designates beneficiaries, who will receive the individual’s assets and property. Additionally, the Will outlines the distribution of assets, including real estate, personal property, and financial accounts. If the individual has minor children, they may also name a guardian to care for the children in the event of their death.

There are several types of Wills, including simple Wills, testamentary trust Wills, and living Wills. A simple Will is a straightforward document that outlines the distribution of assets and the appointment of an executor. A testamentary trust Will allows for the creation of a trust to manage the distribution of assets. A living Will, also known as an advance directive, outlines the individual’s wishes for their medical treatment if they are unable to make decisions for themselves. A Will is a crucial tool for estate planning, as it ensures that a person’s wishes are carried out after they pass away. It is important for individuals to understand the various components and types of Wills, and to have a plan in place for the distribution of their assets and property.

Estate Planning

Estate planning is the process of planning for the distribution of an individual’s assets and property after their death. It is important because it allows a person to dictate how their assets will be distributed, rather than having the state make these decisions for them. Estate planning also helps to minimize the tax implications and other expenses associated with the distribution of assets. There are several estate planning tools that individuals can use, including Wills, trusts, powers of attorney, and health care directives.

A Will is a legal document that outlines how an individual’s assets and property will be distributed upon their death. Trusts allow for the management of assets during a person’s lifetime and after their death. Powers of attorney grant someone else the authority to make decisions on behalf of an individual, while health care directives outline the individual’s wishes for their medical treatment if they are unable to make decisions for themselves. Estate planning is an important process that allows individuals to control the distribution of their assets and property after their death.

Probate

Probate is the legal process of distributing a person’s assets and property after their death, as outlined in their Will. The purpose of probate is to ensure that a person’s assets are distributed in accordance with their wishes, as outlined in their Will. The probate process begins with the filing of the Will in court. The court will appoint an executor, who is responsible for carrying out the terms of the Will. The executor must then perform an inventory of the deceased person’s assets, including real estate, personal property, and financial accounts. Next, the executor must pay any outstanding debts and taxes, and distribute the remaining assets to the designated beneficiaries. The entire probate process involves: filing of the Will in court, appointing an executor, an inventory of assets, the payment of debts and taxes, and the distribution of assets.