Defining Probate
April 23, 2010
Probate: [from the Middle-English probat, from Latin probatum…] a : the action or process of proving before a competent judicial authority that a document offered for official recognition and registration as the last will and testament of a deceased person is genuine. b : the judicial determination of the validity of a will.
This Merriam-Webster definition of probate doesn’t make it sound so bad. Quite simply, it is the process by which the court determines the legal property of a person who has died, and decides to whom those assets will be distributed. It sounds like it should be simple… but somehow probate is hardly ever simple. Even in the best of circumstances there are procedures that must be followed to the letter, and the actual process (depending on the size of the estate and the laws of the state in which the property is being probated) can take anywhere from 6 months to a few years!
A good will can go a long way toward keeping the probate process on the short and easy end of the spectrum; but even with a will, much of your probate experience will depend on elements outside your realm of control. There are certain steps that must be followed to complete the probate process, including:
- the appointment of an executor or personal representative
- verification of the will
- taking an inventory of assets belonging to the deceased (which can be very difficult if good records have not been kept)
- giving notice to creditors
- paying valid claims against the estate
- preparing and paying taxes
- notifying beneficiaries (not all of whom will be easy to find)
- and eventually distributing the assets to the beneficiaries or heirs
If just reading the above takes your breath away, imagine having to actually go through all of those steps—and possibly more! The good news is that you don’t have to go through it alone, our office can help you navigate the tangled probate maze from beginning to end—from filing the first court documents to protecting your eventual inheritance—ensuring that your probate experience goes as quickly and smoothly as possible.
Going Beyond Legal Language with an Ethical Will
December 3, 2009
Estate and Legacy planning documents are often seen as difficult, and boring pieces of paper—which in some ways is exactly what they have to be in order to someday withstand tough legal scrutiny; but unless you’re an attorney who is practiced at reading the sentiment between the lines of dry legal jargon, these documents don’t make for sentimental family heirlooms. This is why some families and individuals are choosing to make (in addition to their legally binding estate planning documents) personal ethical wills to leave to their loved ones.
An ethical will can be anything from a letter to your children expressing your love and hope that they carry on your values, to a novella length memoir detailing your life experiences. But what about those people who don’t have the ability or inclination to articulate their thoughts in pen and ink? Well, more and more these people are turning to the camera and making their ethical wills on video.
A video will, as suggested by this article in the Wall Street Journal, is an unparalleled way to let the younger generation know about your feelings and values. “No matter how clear your memories of someone may be, if you have them on the screen in front of you, talking to you, there’s a qualitative difference.” And a video will, if made correctly in the presence of your estate planning attorney, might even have the added benefit of preventing disputes and bickering between your heirs later on.
What we like best about the idea of ethical or video wills is the personal touch. Although we work every day with the “dry and boring legal jargon”, we know that underneath all that an estate plan is about love and values—it’s about family. And an ethical or video will is a way to add a personal touch to the formal written Will or Trust, which is still necessary to meet legal requirements. So, consider doing both together to pass on, not only your assets, but also your values and hopes.
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