Last Will and Testament Explained by Dr Edgar Paltzer
Last Will and Testament Explained
A last will and testament is a legal document that defines how an individual wishes their assets to be distributed following their death. It forms the foundation of an estate plan, although it is not the only component.
Probate When a person dies and they have a valid last will and testament, the document goes through a process called probate. This is where the courts check the validity of the document and its contents. If everything is above board, the courts usually decree that the wishes outlined in the will should be adhered to. These mainly involve the division of assets to beneficiaries but can also include instructions as to the care of dependants or the ongoing administering of accounts or business interests. 2
When a person dies and they have a valid last will and testament, the document goes through a process called probate.
Intestate A person is classed as having died ‘intestate’ if they die without leaving a valid will. This means the division of assets and any other key decisions will be made by the courts, in accordance with current legislation and precedent. The courts do not usually take family circumstances into account, so having a valid will is essential if the wishes of the deceased are to be followed. 3
You can learn about inheritance disputes by visiting the blog of Dr Edgar Paltzer.