Wills: Are They Still Necessary?

Many people have heard about the many ways of setting up an estate plan to avoid probate. That might lead some to think that they don't need to make out a last will and testament at all. You still need a will, though, and it's best to have one prepared when you make your other estate plans. Read on and find out more.

It's the Law

Even if you make estate plans to cover your assets using other means, chances are, you must file the estate with the county probate court. Probate practices help ensure that the deceased has paid their debts and that the estate is properly valued. If you don't have a will, your loved ones must still file your estate with the probate court. They will determine who should oversee administering the will and approve of the rightful beneficiaries. In some cases, very small-value estates can either skip probate or undergo a shortened probate process.

It Protects the Estate

Probate also protects the estate from those who attempt to take property without permission. While the estate is being probated, only the court can decide what debts should be paid. If there are beneficiaries, probate protects the inheritances and disperses the assets at the end.

It Provides for Succession

If the estate has no will to guide it, the state will use its laws of succession to provide assets to a list of relatives. In most cases, the laws of succession state that the current spouse will inherit at least some of the estate. Adult children are next in line if there is no living spouse. If no adult children exist, estate law looks next to siblings of the deceased and so on.

It Prevents Dishonesty

Probate law provides guidance to executors, administrators, or personal representatives. Taking estate property without court approval is considered a crime. Those tasked with protecting and overseeing estate property have a fiduciary duty to make decisions that are fair and legal. They cannot take what they want from the estate just because they are in charge.

It Covers Your Bases

Trusts and other estate-planning means have become popular for good reasons. They protect property from the probate court's grasp which can mean the beneficiaries receive it sooner. However, no estate plan is infallible. A will, therefore, directs the probate court to act even when other estate vehicles are invalid. For instance, a trust may be useless if the person named trustee has passed away. The will is always the default means of administering an estate. To learn more about the need and uses for a last will and testament, speak to an estate planning lawyer.