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Definitions of Terms
Will
A Will, also known as a Last Will and Testament, is a legal document that you can use to outline your wishes and give instructions on what you want to happen to your assets and the care of any dependents after you pass away. A Will may also include instructions for the appointment of an executor (personal representative), who is responsible for carrying out the instructions outlined in the Will.*
Probate
Probate is a legal proceeding in which a court validates a Will and oversees the management of the deceased person’s probate assets ensuring that the person’s debts and taxes are settled, and assets are distributed according to the Will (or intestacy laws if there is no valid Will)
Intestacy Laws
Intestacy laws are rules that determine how a person’s property and assets are distributed if they pass away without a valid Will. When someone dies without a Will, it is called dying “intestate.” Intestacy laws vary depending on the jurisdiction, but they generally prioritize distributing the assets to the deceased person’s closest relatives.
Intestacy laws are in place to ensure that even if someone doesn’t have a Will, their property is still distributed fairly among their family members. However, it’s important to note that without a Will, you have no control over who receives your assets, and it may not align with your personal wishes. Creating a Will allows you to have more control over how your property is distributed after your death.
