Thursday, April 9th 2020, 8:14 am
The end of one’s life is never easy, but being able to plan for it can make things a bit easier.
Many of our loved ones will draft up a will during their final months. A will and testament is a legal document intended to organize and implement the deceased’s wishes after they pass away.
You’re likely familiar with many “reading of the will” scenes in movies and television. But what really happens at these gatherings and what should you expect if you have to attend one yourself?
If you’re a potential beneficiary of a will, you’ll want to know as much as you can about the process as possible. Read on and we’ll walk you through everything you need to know.
Dying may be simple, but the legal ramifications of one’s death is often anything but. A last will and testament is an attempt to ensure that one’s assets, wealth, and belongings are taken care of after they leave this life.
A will outlines the deceased’s wishes in regard to all aspects of their estate.
It will identify certain beneficiaries, often family members, and state what assets or property they should receive from the estate. It also outlines when and sometimes even how that beneficiary will receive their share of the estate’s assets.
Who oversees the process? It’s also right there in the writing. A will names an executor who will be in charge of guiding the estate through what is known as the probate process.
The probate process is a legal process in which a will and testament is moved through court and proven to be legally binding.
Often, an executor will be someone close to the family. It might be the family attorney if one exists, or someone the deceased had a lot of trust in. Probate is expensive, though the deceased has likely set money aside to cover the costs.
The image most of us have of the reading of a will is from cinema and television. However, in most cases, families no longer gather in one place to have a will read in reality. In most cases, beneficiaries will simply have a copy of the will sent to them.
The only situation in which people might gather to have a will read out loud is if there is an anticipation that the contents of the will are going to be confusing. There is no legal requirement to gather, however.
One thing that many people don’t realize about wills is that they are public documents. Once a will has successfully passed through probate, it becomes a key part of a public court record.
That means anyone, anywhere in the world, can access the document by talking to the appropriate courthouse. One should ensure they are comfortable with the contents of their will becoming public when putting it together.
However, there are a few rare instances where a court will agree to seal a will after probate. For example, the very famous are allowed to seal these documents to protect their privacy thanks to the overwhelming spotlight they operate in.
So, in reality, the infamous reading of the will is something that most of the beneficiaries will do in private and in the comfort of their own homes. The executor will ensure that a copy of the will lands in the hands of each of the appropriate parties.
An inventory of the estate and all of its assets will be created. They will all be appraised and valued so that a proper estate tax can be charged by the federal government.
Following this process, as well as a successful probate process, assets can begin to be handed off to the rightful beneficiaries. The will itself should indicate how these assets are intended to be transferred and on what kind of timeline.
Once the estate is divided among all the beneficiaries, the executor’s job is done.
What if there is a surviving member of the family who is unhappy about the distribution of the family estate? An heir-at-law or beneficiary that was excluded might want to challenge the validity of the will.
This is likely not a decision that you will take lightly. However, if you do plan on contesting the current version of a will, you’ll need to move quickly.
So how long do you have to contest a will? It depends on where you reside as well as how the will and testament moved through the probate process. In most cases, you’ll have a small window of a few months in order to contest the will.
Most contentions are not successful. In order to win a contention, you’ll need to be able to prove why you should have a larger share of the estate. It can be very difficult to make such a strong argument that the terms of a will are overthrown.
You’ll need to have been an obvious heir or have been excluded at the existing will at the last second in order to make a case.
If a loved one has passed away it might be time for the family to discuss the distribution of their assets. If you think you might be a beneficiary of the deceased it’s important that you understand how the reading of the will works.
Need more family advice or information? Keep scrolling our blog for more.
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