PREPARING A WILL
Creating Peace of Mind by Stating the Plan for the Court to Follow
Preparing a Will
A will is a set of instructions for the Probate Court to follow after a person has passed away. It is used to designate how, when and to whom your assets will pass at your death. In addition, a Will identifies proposed guardians for your minor children and instructions on how best to manage the assets left for them. Also, it names an Executor to pay final bills and expenses and distribute the assets as stated in the Will. Probate Court may become complicated, lengthy, and expensive, depending upon the value of the assets in the estate and whether there are disagreements. Consult an estate planning attorney to minimize conflict and clearly state your wishes through a Will.
PROBATE PROCESS
Planning for Minor Beneficiaries
A Will is the only document that names proposed guardians for your minor children or individuals with disabilities who are dependent on you for care. The Will informs the Court who should care for your dependents and guidelines for that care. It also may provide a responsible individual who would manage the child’s inheritance and how the assets should be disbursed. A Will can provide for the disbursement of assets to family members with special needs without disrupting government benefits. It can also provide asset management for loved ones who might not have proper money management skills or who may need future protection from creditors or divorce.
ESTATE PLANNING CONSULTATION
Gain peace of mind about the future of those you love as we plan together. Estate planning consultations are free, however, there is a fee charged for Elder Law, Probate and Trust Administration consultations.
WHAT IS A WILL?
A will is a set of requests for the probate court to follow after a person has passed away. It is used to designate how, when and to whom your assets will pass at your death. A will identifies a Personal Representative (also known as an Executor or Executrix) who will collect your assets, pay your debts and expenses, and distribute your estate in accordance with your wishes. The will may also name proposed guardians for your minor children and instructions on how your assets will be managed for them.
The probate process in Vermont is not particularly complicated and the Court is willing to provide some guidance to Personal Representatives (Executors/Executrix) who ask for assistance.
The estate must pay a Court filing fee that varies based on the size of the estate, and many estates require the assistance of an attorney to smoothly navigate the process. Additionally, if there is property in more than one state, it must go through the probate process in the state where it is located. In some cases that will entail multiple court processes. The whole process can be lengthy, complex and expensive.
CAN I PURCHASE A WILL PROGRAM?
Many individuals believe that they do not have sufficient assets to require an estate plan. Another group believe that a will is a form that can be purchased on-line or through software. Those ideas may be accurate, however, I strongly suggest that you consult with an estate planning attorney prior to relying on those documents. They may not be the best option in your particular situation.