All about Wills

Miller Estate and Elder Law

In this episode, you’ll learn about wills, their importance in estate planning, and how a will functions as your written instructions to the probate court on distributing your probate assets. Not all assets go through probate. I highlight the need to understand which assets do go through probate and are, therefore, covered by a will.

We will cover common provisions in wills, such as specific distributions, tangible personal property, and the residual estate. You will also learn about the role of the executor or personal representative and the importance of having a self-proving will.

Near the end of the episode, I’ll share some of the problems I’ve seen arise when you don’t have a will and why you should have an estate plan that is customized to meet your goals and objectives.

Takeaways

• A will is a written instruction to the probate court on how to distribute your probate assets.
• Not all assets go through probate, so it's important to understand which assets do go through probate and are covered by a will.
• Common provisions in wills include specific distributions, tangible personal property, and the residual estate.
• Self-proving wills, which are notarized, are highly recommended to avoid complications during probate.
• It is important to understand that all wills are not the same and you need to have your will drafted to meet your specific goals and objectives.

Chapters

(00:00( Introduction and Overview of Estate Planning

(01:30) Understanding Wills

(02:27) Assets and Probate

(04:23) Common Provisions in Wills

(06:20) Residuary of the Estate and Remote Contingent Beneficiary

(07:29) Standby Special Needs Trust

(08:40) Executor or Personal Representative

(09:39) Bond, Inventory, and Accounting

11:06 No Contest Clause

(12:37) Powers of the Executor

(13:32) Self-Proving Wills

(14:08) Executor's Fee

(15:17) Probate Process

(17:09) Importance of Having a Will

(18:06) Issues Without a Will

(20:46) Pour Over Will

(22:25) Problems with Simple Wills

(26:43) Importance of Customized Estate Planning

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