Whether or not we have one in place, most of us recognize the importance of having a will and other estate planning documents. In addition to the standard legal documents necessary in case of death or incapacitation, it’s also advisable to have an “Ethical Will” in place; this could be a document, letter or even a video that explains to your beneficiaries why you divided your assets the way you did. This can help alleviate family conflicts that sometimes arise in times of grief. Even better? Talk to your family about your asset distribution plans while everyone is still alive, particularly regarding items of sentimental value. Giving beneficiaries a frame of reference regarding their potential inheritance can help reduce tension at the time of your death. This article provides more insight on the subject:
What is an “Ethical Will” and Do I Need One?
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Probate of Estates
Probate is the legal process of distributing the assets and estate of a deceased person. This includes resolving all probate property issues like taxes, insurance, title, and paying creditors for any outstanding money owed by the deceased.
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