Probate is a legal process through which an individual's estate is administered after that individual passes away. Generally, the probate process is supervised by the Court. The probate process is designed to ensure that debts of the decedent are paid and that any assets are distributed to the appropriate beneficiaries.
One of the most common questions clients have is what is the difference between a financial Power of Attorney and a Last Will and Testament, and why do I need both. Both documents can be vital parts of an estate plan, as they serve separate purposes, so it is important to understand the difference between the two.
Having a plan for what happens to the assets you've worked hard for after death is important. Your life and all that you have done to make your loved ones benefit from it are more secure when a legally recognized estate plan is created. Your estate could include a home, vacation property, furniture, financial accounts, and anything else that belongs to you. Creating an estate plan will take what has been thought about, spoken over with others and turn it into what is lawfully acknowledged for how you wish to distribute your assets.