When people die, one of the most important aspects of their estates is a Will or a Durable Power of Attorney that names a specific person as an administrator of the estate. The probate court will review the Will or the durable power of attorney and will issue a Last Will and Testament if the testator is not available to do so. The court will then issue the deed of trust, naming the person as a trustee of the estate. Many individuals choose to document their own wills because they want to be able to control who gets money from their estate if there are problems with their health or if they become mentally incapacitated. If you would like to learn more about this, please check out Thomas-Walters, PLLC – Chapel Hill Wills and Trusts Attorney
If you do not know how to draft your own will or have someone else do it for you, there are many attorneys who can help you complete the process. Probate courts commonly require individuals to make a Will during their lifetime, but they can also be required by creditors or other third parties. You can hire a qualified individual, such as a probate lawyer, to review your Will or the probate papers and make any necessary changes before executing a Will in accordance with your state’s laws. A lawyer can also provide valuable information about probate laws and the importance of keeping your Will up to date.
Wills and trusts are particularly useful when one of the participants in the Will passes away unexpectedly. Many individuals use their Will to ensure that certain family members get enough assets in their name while others use it to create a trust that requires no additional investments by others. Probate court allows individuals to use their Wills and trusts to establish “living trust” situations in which they leave their assets to their attorneys so they can handle them according to the law. However, people often use Wills and trusts to transfer their assets to relatives or friends so they don’t need to be concerned about whom they decide to share their inheritance with.