When it comes to handling the affairs of someone who has passed away, it’s important to have things go as smoothly as possible. That’s why when a person is making up a will or updating their will, the services of estate planning attorneys are a good thing to have. There are many things that can be included in a will that make the probate process and the execution of a will much easier.
Naming an Executor
First of all, a person will want to name an executor of their estate upon their death. With this clearly defined, getting the courts to officially name an executor will be a mere formality and will discourage any challenges and render them irrelevant.
No Bond Required
It is also important to add a no bond clause to a will. In many states, an executor of an estate may have to take out a bond of a certain dollar amount as directed by the courts. This is a guarantee that any financial losses incurred to the estate by the executor are recoverable. In these cases, if the decedent is comfortable with their estate executor and has trust that they will do the right thing, estate planning attorneys will typically advise for a no bond requirement in the will. This will relieve the executor or the estate from the added cost of securing a bond.
Authorizing an Executor to Pay Creditors and Sell Estate Property
Probate will typically stay open for at least 6 months to give creditors a chance to come looking for payment. In these instances, these petitions for payment must go through the courts. However, if a will includes authorizations under the Independent Administration of Estates Act, this allows an executor to pay creditors without gaining permission from the courts. In addition, if property needs to be sold to pay creditors, this authorization also allows the executor to do so with no prior court approval.
There are a number of things beyond just stating who gets what that a will should contain. To understand all of these things and to have them included in a new or updated will, the services of an attorney will be imperative. Not only will a will protect your wishes upon your death, it will make life a lot easier for the person left administering and managing your estate as well.