Does a will include my assets?

Does a will include my assets?

When someone plans for their estate, they can administer it through a will. A will is a legal document that includes a person’s wishes on how they want their estate to be administered after they pass. Probate is a process that proves the legality of the will and allows the court to distribute the assets as they are outlined in the document. Before the deceased individual passes, they will have assigned someone as an executor to their estate. This person has to make sure that the proper possessions are given to the people named in the document. As an executor, they will have substantial responsibilities that require their cooperation. The individuals who receive assets that were left to them by the deceased are known as the beneficiaries of the estate. A will can account for personal belongings, real estate, bank accounts and securities. All of these assets and possessions that were owned by the deceased can be distributed according to their wishes.

Who is named in a will?

When individuals create a will before they die, they name various loved ones in their will to receive their possessions. The people who receive possessions from the deceased individual are called beneficiaries. Along with these people, an executor is named in the will as well. The executor is the individual who is in charge of distributing the estate among the beneficiaries as it is outlined in the document.

What’s the difference between testate and intestate?

Testate means that a person dies with a valid will. The will has gotten the proper documentation and the Surrogate Court will oversee the probate of the will. Since the will has gone through the proper probate process, it proves that the will is valid and is a formal legal document.

If the will is contested, it may be sent to the Superior Court. When an individual dies without a will, it means they died intestate. A representative may be appointed by the state to oversee the administration of the estate. This person may be the closest living relative. Certain family members, such as a living spouse or children, may be entitled to the estate.

Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.

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