Wills and Trusts Overview
When you die, one of two things will happen.
If you have a Will, the distribution of your property, or your probate estate, is ordered under the terms that you have set.
If you do not have a Will, your property is then distributed according to the state law of intestacy.
(Note: A Father who dies with a Will is said to have died "testate," and is then called the "Testator.
" A Father without a Will has died "intestate.
") Intestacy is the part of your estate not included in your Will, or is your whole estate when you have not left a will.
Without a will, the "X" has a much greater chance of getting back and future child support from your estate.
In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his or her property or family after death.
For the devolution of property not disposed of by will, see inheritance and intestacy.
In the strictest sense, "will" is a general term, while "testament" applies only to dispositions of personal property (this distinction is seldom observed).
A will is also used as the instrument in a trust.
So what is included in your probate estate? A Probate Estate includes all of your solely owned property, or property that you own by yourself, plus any and all other property interests.
This does not include the operation of state law.
For example, if you own a house jointly with another person, the survivor gets 100% ownership at the very moment of your death.
The house would not be part of your probate estate because you did not own it outright by yourself.
But, as you will see later, there is a BIG distinction between one's probate estate and taxable estate.
AVOIDING PROBATE DOES NOT MEAN AVOIDING TAXES! Do I need a Will? If you have minor children, you definitely need a Will.
If you do not have children, you probably will still need a Will.
It really depends.
Think of it this way: Do you know whether your personal wishes are exactly in line with your state law dictating who gets what when people die intestate? If your intent differs from your state law in any way, you had better have a Will to protect your wishes and not give the "X" free reign.
Differing from State law usually includes the fact that you don't want to pay child support from the grave.
So, you'd better have a Will to keep the "X" from getting part of your estate in her greedy little hands.
If you have a Will, the distribution of your property, or your probate estate, is ordered under the terms that you have set.
If you do not have a Will, your property is then distributed according to the state law of intestacy.
(Note: A Father who dies with a Will is said to have died "testate," and is then called the "Testator.
" A Father without a Will has died "intestate.
") Intestacy is the part of your estate not included in your Will, or is your whole estate when you have not left a will.
Without a will, the "X" has a much greater chance of getting back and future child support from your estate.
In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his or her property or family after death.
For the devolution of property not disposed of by will, see inheritance and intestacy.
In the strictest sense, "will" is a general term, while "testament" applies only to dispositions of personal property (this distinction is seldom observed).
A will is also used as the instrument in a trust.
So what is included in your probate estate? A Probate Estate includes all of your solely owned property, or property that you own by yourself, plus any and all other property interests.
This does not include the operation of state law.
For example, if you own a house jointly with another person, the survivor gets 100% ownership at the very moment of your death.
The house would not be part of your probate estate because you did not own it outright by yourself.
But, as you will see later, there is a BIG distinction between one's probate estate and taxable estate.
AVOIDING PROBATE DOES NOT MEAN AVOIDING TAXES! Do I need a Will? If you have minor children, you definitely need a Will.
If you do not have children, you probably will still need a Will.
It really depends.
Think of it this way: Do you know whether your personal wishes are exactly in line with your state law dictating who gets what when people die intestate? If your intent differs from your state law in any way, you had better have a Will to protect your wishes and not give the "X" free reign.
Differing from State law usually includes the fact that you don't want to pay child support from the grave.
So, you'd better have a Will to keep the "X" from getting part of your estate in her greedy little hands.
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