Estate Settlement

Being tasked as a the executor of an estate is a very important role to hold. As the executor, you are responsible for seeing that the deceased’s will is followed as instructed, their debts are settled, and their property and goods are distributed to the appropriate people.

An executor does not need to be a lawyer and it is quite common for family members to hold the role. However, if you choose to work with an experienced lawyer who specializes in estate settlement, the process can be quite simple and straightforward. Enlisting the services of a third party like a lawyer also helps with settling disputes. Rather than having family members dispute the estate, a lawyer serves as someone who is neutral to the situation and thus able to settle any disputes that arise.

Most people understand that they need to write a will. However, many people have trouble drafting one because they have questions about wills or simply don’t want to think about death and what will happen to them after. It’s important to know that a will doesn’t have to be a complicated or expensive thing. Once it’s been written, you can have peace of mind knowing that your wishes will be followed after your death. If you’re thinking about writing a will, we’ve put together answers to the most common questions to help give you some advice on wills.

 

A will is a legal document that is created to express your wishes for handling your affairs after you pass away. It can cover your wishes for your funeral, how to disperse your estate, and who will be left in charge of your children if they are under the age of 18.

 

If you do not have a will, your assets will go to your closest relatives. This is determined by “intestate succession” laws. If there is no executor named, the state will provide a list of possible executors (usually a spouse, adult children, or other family member). Under intestate succession, typically your spouse, descendants or parents receive your assets.

 

Some assets are not passed by a will or intestate succession because they have named beneficiaries (ex: life insurance or a retirement plan). Assets without a named beneficiary such as single title properties (ex. your car), belongings, or bank account savings are subject to intestate succession if there is no will.

 

Making a will is not as complicated as many people fear. Many people choose to have a lawyer help draft their will. You can also use software programs, or reference self-help books to help you write it.

 

A will must be drafted by an adult (at least 18 years of age) that is of sound mind. Beyond that, there are just a few technical requirements to make your will a legal document.

 

 i. The document must be typewritten or computer generated.

ii. The document must expressly state it’s your will.

iii. You must sign and date the will.

iv. The will must be signed by at least 2 (in some states 3) witnesses.

v. Your witnesses must be people who won’t inherit anything from your will.

 

Typically, wills are held by the law firm that drafted them or in the residence of the person who made the will. Most law firms will hold a will free of charge. This is a relatively safe procedure and recommended over storing your will in your home.

 

If you store the will in your home and a fire results in losing your house and your death, there would be no will to divide assets. It is also recommended that you do not store your will in a safety deposit box as in some states they are sealed at the time of death.

 

Wherever you choose to store your will, make sure it is a secure place and that your executor is aware of its location.