A will must be
presented to the probate court and proven to be a valid document.
Living Trusts avoid Probate and can minimize estate transfer
taxes.
The Will is the appropriate place to name an Executor and
to appoint Guardians for minor children. The Will can be used
to transfer assets that you own at death to your Living Trust.
Traditional
estate planning involves creating a will. By preparing a will,
most people feel they have effectively safeguarded their family's
inheritance. However, this is often a false "peace of mind".
A Last Will and Testament outlines your wishes about the distribution
of your property after death, but testamentary documents such
as wills usually require probate. In preparing only a will, you
may be forcing your loved ones through months, even years, of
agony in the probate court.
Probate
is the orderly administration of your affairs supervised by the
court. Probate is a function of state law and varies from state
to state. If you own real property in more than one state, it
is probable your estate will be subject to probate in numerous
jurisdictions, each imposing their own probate fees.
Probate
comes from the Latin word "to prove". A will must be
presented to the probate court and proven to be a valid document.