A will is a testamentary device that allows you to leave your assets to the persons that you name. Wills only become effective after you die. All Wills go through probate. Probate is a Court hearing process that takes approximately one year. The process involves the Court overseeing the estate so that your creditors are paid and your beneficiaries receive their portion of the estate. In your will you will name Personal Representatives and Beneficiaries. Generally under your will you will leave your assets in percentages to beneficiaries. By leaving the assets in percentages you will not need to adjust your Will for the creditors and or increases and decreases in your estate. Once the asset has passed through probate it will go directly to the beneficiary.

   Personal Representative is the person that will take care of your estate after you pass away. They will take care of taking your estate through the probate process and will take care of paying your creditors as well as distributing your assets to your beneficiaries. Personal representatives receive compensation for the time that they spend working on your estate.
 

   
Cost for Simple Will $75.00            

Beneficiaries are the persons that will inherit your estate. They are the ones that the assets are distributed to after the creditors have been paid.

Personal Property Memorandum is an attachment to the Will that allows you to leave specific personal property items (jewelry, china, silverware, firearms etc.) to certain specific people.

Probate Estate is portion of your estate that your Will controls. It is assets that are solely in the decedents name. Common items not included in your probate estate are: joint bank accounts (pass to the survivor); bank accounts that have a paid on death POD beneficiary; life insurance (passed to the named beneficiary); IRAs pass to the named beneficiaries. Assets only in the name of the decedent will be governed by the Will and pass to the beneficiaries under the Will.