Specifying how you wish your assets to be distributed upon your death is important. Without a will in place, your family may not know how you wish your personal assets to be distributed. For those who have an estate that does not necessarily need a trust, a will is the best vehicle for ensuring your heirs are treated fairly rather than leaving distribution to the courts.
Responsibilities of Administrator
In drafting a will, you will name a person you trust to distribute your assets in accordance with your wishes. The administrator or executor will be responsible for cataloging all of your assets, gathering all of your debts and other financial obligations and notifying the beneficiaries of a date and time for distribution. Once all of your financial obligations are satisfied, they will distribute the remaining assets to your beneficiaries, close out your estate and file a final tax return.
What if There is No Will?
When someone dies without a will or without trust documents, your family will have to petition the courts to have a will administrator appointed. The court may also specify how your assets are to be distributed to your heirs and personal belongings such as jewelry, artwork and furnishings may be sold or left to the discretion of the court appointed administrator who may or may not distribute your assets the way you hoped.. If you have a will in place, you have complete discretion over all of your assets and personal belongings.
Regardless of whether you have a significant estate or a small estate, contact Kramer Legacy Documents, LLC today at (623) 974-2272 to help you with all your last will and testament preparation. Do not leave the administration of your estate for the courts to decide.