The will is a standard document that when filed with the courts will make the final wishes of an individual legally binding. The process of drafting a will beaverton or can be complicated and confusing for most people. The main issue that people have is trying to determine what they need to put into a will. For those struggling here are a few tips, tricks and points to go by.
What is an estate?
The estate is the collection of property that one has collected throughout the course of their life. When we die this estate is thrown into question as to who is responsible for paying aby back taxes, who can sell the property and to who property can be dispersed.
What is Probate?
Probate is the state in which an estate will fall when no will is present or if the state requires all property to go into probate for the period of one year. It is through this classification those who are owed a debt from the deceased can stake a claim against the estate for compensation. If after the probate period has expired and there are no claimants then the estate is released to the executor of the will.
The executor of the will is the person who has been placed in charge of the will. This person will have legal claim to the will until the probate matter has expired. Once everything is clear the executor will then have rights to disperse and do with as needed according to the stipulations of the will.
The stipulations of a will are the rules, conditions and actions that need to be carried out. These stipulations lay out who gets what, when and under what conditions. These stipulations need to be followed to the letter as the will is a binding legal document.