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The Importance Of Last Will And Testament Upon A Person's Demise
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alona Rudnitsky
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By alona Rudnitsky
Published on 05/11/2011
 
We all know the saying that "death comes like a thief in the night" True enough, we never know when it is time for us to join our Creator. It is a painful idea to make a last will and testament. However, if you have a sizable amount of assets, you have to execute your last will and testament while you are alive and in best health and sound mind.

We all know the saying that "death comes like a thief in the night" True enough, we never know when it is time for us to join our Creator. It is a painful idea to make a last will and testament. However, if you have a sizable amount of assets, you have to execute your last will and testament while you are alive and in best health and sound mind. Your surviving heirs will have problems in distributing your assets among themselves should you not leave a valid will.

This sounds morbid. But you have to be practical and prepare for the unavoidable eventuality. Preparing a last will and testament us the best legacy you can leave to your heirs. If you do not have a valid one, the heirs will undergo the difficult, long and tedious process of probate.

Probate is actually a legal process that will prove the presence of a will and testament left upon one's death. This will needs to be executed while the person is in good state of mind in order to be valid. What happens in the absence of a will is the take-over of the court to institute probate. This is what happens also when a last will is not validated by the court.

The entire process of probate is actually expensive and time consuming. Sometimes, it takes years for probate to be finalized. When probate is conducted, the assets and liabilities of the deceased person will be quantified. If you live in Arizona the process can have an additional step. This is the act of dividing the deceased's assets into two categories - the community property and the personal property. Community property refers to conjugal property where half of the assets belong to the wife. What can be subjected to probate is the portion owned by the dead person.

After all the assets had been gathered, valued and quantified, the next step is the payment of creditors and taxes. At this point also, the lawyer's fees should be paid from the assets. Finally, the residual assets will be distributed to persons entitled to the estate of the deceased.

In order for the probate to be handled properly, the surviving heirs will submit the will to a probate court. This court that specializes in this field of law will supervise the entire probate proceedings. Problems during the probate may arise when there are adverse claims by creditors. Challenges to the will are other problems that can delay the execution of the will.

Usually during the probate, an executor will be assigned. Sometimes the person who will act as executor is named in the will. This person is usually one of the heirs. In the absence of a named executor, the court may assign one. This executor will carry out the provisions of the probate law with the will as the basis for the entire probate proceedings. It will be difficult for the heir to handle the proceedings. These are guided by laws thus without the heirs legal knowledge, the process can even be longer. The heirs should hire a lawyer to work in their behalf.