WILLS

  • WILLS go through PROBATE after death. PROBATE is a court process that validates the WILL and transfers ownership of the property to the heirs.
  • The probate court oversees the property transfer process and endeavors to carry out the final wishes of the deceased.
  • WILLS are less expensive to create than TRUSTS, but the estate WILL usually pay substantially more in legal fees to probate the estate after death.
  • Probate is a public process so creditors can have notice and seek payment of debts from the deceased person’s estate.
  • Assets are not automatically transferred to the heirs. They must wait for the completion of probate.
  • With court oversight WILLS are often preferred when there is no person available who is suitable for handling the responsibilities of a TRUSTEE for a TRUST.
  • WILLS can be prepared more quickly than TRUSTS.
  • Real property located in other states require costly additional probate proceedings in the foreign jurisdiction whenever a WILL is used to transfer out-of-state property.
  • WILLS do not require the additional work of transferring assets to a TRUST.