Wills, Enduring Power of Attorney, Personal Directive

A will is a legal document that sets out what happens to your assets when you pass away. Wills can help you accomplish several financial goals including: reducing probate fees, reducing taxes, and ensuring that your loved ones are looked after.

Defining Terms:
A Personal Directive (PD) is for personal care and an Enduring Power of Attorney (EPA) is for property, for when you are incapacitated. A Will, comes into play when you pass on.

Probate of Estate Information

One of the reasons for probate is to provide needed assurance to certain third parties that your Will is valid and that your executor is authorized to act in your name with regard to your assets after your death in order to better facilitate an efficient distribution of estate assets in accordance with the wishes of the Will.

Defining Terms:
The term "probate" refers to a "proving" of the existence of a valid Will, or determining and "proving" who one's legal beneficiaries are if there is no Will. Probate is the Court supervised legal process that includes determining the validity of your will, gathering your assets, paying your debts, and then distributing the remaining assets to those persons entitled to them.

When a deceased dies without a valid Will - i.e. intestate - or the trustee named in his or her Will cannot act, someone is appointed by the Courts through the issuance of a 'Testamentary Grant' to perform the duties estate trustee.

Not all Wills require probate; only those whose disbursement involve financial institutions, transfer agents, etc., because of the nature of the assets of the estate.