A Will and Testament is an important step in planning for the payment of debts and the distribution of your estate upon your death.

What is a Will? 
A Will is a written legal document by which a person, the Testator (person who made the Will), expresses their wishes as to how and to whom (Beneficiaries) their property is to be distributed at death. The Will also names one or more persons as the Executor. This is the person who will manage your affairs and will file with the Court for the Probate process.

What is Probate (the short and dirty version)? 
Probate is the court-supervised, legal process in which the affairs of a deceased person are settled.
Society wants to protect deceased people's things. So when a person passes away, those assets, accounts, and debts that a person once had are locked down and closed by the financial institutions. This is so someone can't just walk in and take a deceased person's things, rack up debt, or take assets that they may not be entitled to. The Probate process is the court process in which your heirs (if you don't have a Will), or Executor (if you have a Will), will file paperwork with the Court in which the Decedent (the person who passed) was a resident. 

Want to learn more about Probate, click here!

The Probate Process:
After a person passes, the Will is submitted (Lodged with) the Court. States have different timelines in which to do this. For example, Nevada is within 30 days after the person has passed. The Executor will then file a series of documents (Petition) with the Court to begin the probate process.

The Will is just the "instructions" to the Court.
 
Keep in mind, even with a Will, your heirs WILL have to go through the probate process with the court in order to receive any distribution of your estate (if not a designated beneficiary).  A Will is not required, but without one, the laws of intestate succession will determine the distribution of your assets. The distribution through intestate succession may not be to the people you desire. Thus, a Will sets forth your wishes and distribution of your assets accordingly. 

If you have a simple estate and do not own real property, a Will is a minimal thing you should have in place. If not, a Trust is a nice alternative to avoid the probate process.

If you think a Trust would be a better option for you and your heirs to avoid probate, click here!