What happens if you die with a will in place?? Most people understand that having some sort of an estate plan is a good thing. But don’t understand how the estate planning document selected works?
If you die with a valid will, your accounts and property will still go through the probate process. However, after creditors have been paid, the remaining accounts and property will go to whom you have named in your will.
- So, if you want to leave money to your children and name a guardian for the minor, the court will usually abide by your wishes.
- The same holds true if you specified that you wanted to give money to a charity, your Aunt Betty, or your neighbor.
- Keep in mind that predatory creditors are still an issue as your death has been publicized. Even with a will, probate is still a public process.
The bottom line? While a court oversees the process, having a will allows you to tell the court exactly how you want your affairs to be handled. But, a public probate is still guaranteed.