Simon Volkov specializes in buying probate estates to reduce financial burdens for heirs. Simon has published a variety of articles regarding inheritance, estate planning, probate, and the importance of drafting a Last Will and Testament. Learn more about asset protection by visiting www.SimonVolkov.com.
A Last Will and Testament is a legal document used to describe your final wishes in life. A Will is used to appoint an estate administrator to handle the affairs of your estate. Within the Will, decedents can designate beneficiaries to receive their personal property and assets; establish guardianship for minor children; and detail burial preferences.
Executing a last will and testament is not a difficult task. The easiest way to create a will is to retain the services of a professional estate planner. Working with an estate planner ensures the Will contains pertinent information and will hold up in a court of law should any heirs contest the contents.
The estate administrator handles many aspects of the estate. Executors are responsible for taking inventory of assets and obtaining property appraisals. They must pay outstanding creditors, obtain original copies of the death certificate to submit to life insurance companies and financial institutions, file a final tax return, and distribute assets according to Will directives.
Estate planning experts recommend discussing the position of estate executor with the person prior to designating them to the position within the last will. The person whom you believe is most qualified for this position might not have the time or desire to manage the estate. By law, the appointed administrator can request to be released from the position and a new administrator must be confirmed through the probate court.
Estate executors receive compensation for their duties. The fee should be outlined within the Will. Executor fees can be paid at an hourly rate, flat fee or percentage of the estate value.
The last will is used to designate specific gifts of personal property and valuable assets. Decedents will include specific statements such as, "I bequeath my 50th Anniversary Harley Davidson motorcycle to my brother, Benjamin. I bequeath my Aston Martin to my brother, David. I bequeath my Bentley to my sister, Danielle."
Once specific gifts are listed, the remainder of the estate can be gifted to one specific individual. This is known as bequeathing the 'residuary of estate.' Residuary assets are usually left to the surviving spouse or direct lineage heirs such as children, siblings, mother, father, aunts, uncles or grandparents.
Charitable gifts are designated within the last will and testament. Decedents can leave charitable gifts to one specific organization or multiple charities. Specific donations are outlined and the estate executor is responsible for distribution of charitable gifts.
Burial preferences can be outlined within the last will. Individuals who have purchased life insurance, burial plots or prepaid funerals should state where the legal documents are located. Most people place important documents in a metal box or home safe. Regardless of where the documents are stored, it is imperative that the location is revealed within the Will.
Executing a last will and testament is the best gift you can leave your loved ones. Handling the estate of a person who has died intestate (without a Will) is one of the worst experiences anyone can endure; especially when they are grieving.
Various options exist to document final wishes. Last will and testament forms can be downloaded via the Internet or purchased through office supply stores. Credit unions and banks usually offer estate planning services to their customers. Probate lawyers can draft a Will for a nominal fee. Estate planners can establish trusts to protect assets from the probate process.
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