When it comes to estate planning, the most familiar document is the last will and testament. Most people have a basic understanding that a will allows you to appoint a personal representative (an executor) upon your death and directs that person to distribute your assets as you specify.
As the saying goes, the only two certainties in life are death and taxes. Unfortunately, both are inevitable and unavoidable. If you plan properly, however, you may lessen the hardship on those you leave behind. Since none of us know when our time will arrive–whether you are 35, 55, or 95 it is important you leave instructions.
An estate may need to be administered where there is property of the deceased to be transferred. Jointly owned real property or bank accounts, without survivorship, are some of the types of property that call for administration of an estate. If there is a will, it would be probated. If there is no will, the estate is intestate, and a petition for administration must be filed. A personal representative for the estate must be appointed by the Probate Court.
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