A Will is a legal document that expresses a person’s wishes as to how their property is to be distributed after their death and who should manage it until the final distribution.
Without a will, a person’s property and assets go through the probate process. Special court sessions are held to decide what happens to their estate. This procedure can be time-consuming and expensive.
Yes. If the deceased has not made a Will, the survivor will inherit as their spouse under the intestacy rules.
If your common-law spouse dies without leaving a valid will, the intestacy rules give their property to their children or other relatives, not to you.
Yes. An Executor of an Estate is a person who executes the last wishes in your Last Will and Testament. An Executor is usually a lawyer or a financial advisor. However, they can also be family members or friends, as long as they are not your Beneficiaries.
No. Your executor’s job does not begin until you are dead and he or she is appointed by the Court.
No, A Living Will is a form of an estate planning document that you would use to communicate your medical care preferences in the future.
You don’t have to leave your children anything but If you intend to leave your spouse with no property, you may run into some legal roadblocks. Because a spouse has the right to receive a substantial share of a deceased spouse’s property.
The law does not require the Will to be probated, but once the Will is filed, any person having an interest in the Will can apply to the court to have it probated.
There is no inheritance tax however if an estate’s value exceeds $12.06 million, estate tax is applicable.
The probated Will may need to be registered with and accepted by the probate court of the state where the property is located.
End of Life Decisions ensures your wishes are official, includes creating a digital legacy Plan, having your preferences set for the future of life care, Legacy Planning, and much more.
Directives are legal documents that allows you to express your wishes about financial decision making and health care decision making when you are not able to express them
Directives are important when it comes to preparing for the end. It allows you to have a say in the healthcare you may someday receive or your financial decisions and it protects your loved ones from the pain and uncertainty of having to guess what you want.
Directives are not directly effective, as they cannot be used in court until they have been enacted by national legislation.
Every 10 years your directives must be updated