Estate planning can seem overwhelming and confusing. We’re here to educate you on this topic so you can be informed and confident as you work with your attorney to create your estate plan. Today, we’re answering the most commonly asked questions about estate planning to give you more insight into this process.
Q: What does “Intestate” mean?
A: If you die without a will, you die “intestate”. Each state has “intestacy” laws that determine what happens to property in this situation. It’s important to create your will early on in your life in the case of untimely death and update it accordingly.
Q: What is the difference between “Probate Property” and “Non-Probate Property”?
A: Probate property is something that’s controlled by your will. Non-probate property is not. An example of non-probate property would be jointly held life insurance, trusts, and property.
Q: What does an executor do?
A: An executor is someone who executes your will and settles your estate on the event of your death. This can include collecting and distributing your assets and paying debts and death taxes.
Q: Can I DIY my estate planning?
A: You could, but it’s not recommended. Due to the complex estate laws that change depending on where you live, it’s important to work with an attorney who can guide you through your estate planning process to ensure things are properly taken care of.
Do you have other questions regarding estate planning? Our experienced estate planning attorneys can help. To schedule your appointment, give us a call at 435-752-2610.