WILLS / ESTATE PLANNING

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A person’s estate is considered the net worth of a person at any point in time. Net worth can be summed up as a person’s assets (property of any kind, legal rights, interests) less liabilities. To plan for the disposal of an estate, wills, trusts and power of attorney are typically established. Doing so reduces uncertainties about the estate’s distribution and helps maximize the estate’s value by decreasing taxes and other expenses.

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The first step in the legal process of administering a deceased person’s estate is the receipt of probate. It is the probate court’s role to validate and approve a person’s will. If necessary, the probated will, now a legal document, can be enforced in a court-of-law.

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