Your estate, which refers to all your assets that are not beneficiary-based, will be distributed to your heirs through the probate process. The probate court will oversee the challenging legal steps forward, and your estate plans will guide the results. Estate planning is relevant for anyone who has a preference regarding this very personal matter. An experienced Florence estate and probate attorney at The Law Office of Brett H. Pritchard can provide guidance to ensure your financial affairs are organized in accordance with your wishes.

The Importance of Having a Will 

The purpose of your will is making your wishes regarding your assets known. It is your opportunity to honor the important roles your loved ones fill in your life and allows you to contribute to their futures. This is the kind of meaningful gesture that can be difficult to imitate.

In Accordance with Your Wishes

Your wishes regarding your estate will be utterly unique to you, which means that you probably want to have a say in the matter. You can think of your will as being your voice. Yes, your estate will proceed through the probate process, but – if your will is legally binding – the probate court will enforce the terms you include.

The State’s Laws of Inheritance

If you do not have a will in place at the time of your death or if it is invalidated, the state’s inheritance laws will be followed. This means your estate can be distributed in a way that you had never even considered and that may not even resemble your preferences.  

Naming an Executor

In your will, you are advised to name an executor of your estate. This is the person to whom you entrust the authority to guide your estate forward toward finalization. An important point to keep in mind is that you can expect the probate process to be both legally and emotionally challenging, which may affect your choice.  You also might need to change your executor over time, as the designated individual might become incapacitated, pass away, or your relationship and trust might change.

The Steps in the Probate Process

The probate process is challenging, but having a legally binding will and an executor who is well prepared to handle the job can help. While no two probate cases are exactly alike, they all move through the same basic steps. 

Filing Your Will 

To begin the probate process, the executor of your estate will file your will with the probate court. At this point, the person you named as executor will apply for the position with the court, and if they are deemed fit to serve, they will be assigned the role. If you didn’t name an executor in your will, the court will appoint one.

Fleshing Out Your Estate 

Next, the executor will need to identify and secure the assets that make up your estate. This includes all the following:

• Cash
• Bank accounts
• Real estate that you own in your name alone
• Investments
• Digital assets
• Family heirlooms 
• Anything else of value, including vehicles, jewelry, and beyond

The goal is to create a clear outline of the holdings involved in your estate.

Addressing Debts

From here, the focus shifts to resolving the outstanding debts. Your executor will need to identify the debts attached to your estate and will be tasked with notifying creditors of your passing. This can be accomplished by publishing a notification or by sending direct messages to those creditors who are known. 

The step includes covering your funeral and burial expenses as well as your final tax return. Handling your debts effectively is essential to navigating the probate process smoothly.

Distributing Your Assets 

Once your debts are paid and your taxes are resolved, the executor of your estate will turn to distributing your assets according to the terms included in your will. This involves engaging in clear communication with your heirs. 

At this point, the transfer of ownership begins, which can be complicated in its own right. Having a will in place that clearly reflects your wishes can help resolve any disputes that might arise during the difficult transition your loved ones are going through.     

For Peace of Mind, Consult with an Experienced Florence Estate and Probate Lawyer

Brett Pritchard at The Law Office of Brett H. Pritchard is a thoughtful Florence estate and probate attorney who turns to his impressive experience and legal insight for every client he helps navigate the challenging estate planning process. This means you can expect legal guidance that is designed to address your specific needs and to help minimize uncertainty when it comes to the future of your estate. We are on your side and here to help, so please do not wait to reach out by contacting or calling us at 254-781-4222 for more information about what we can do for you today.