What is the difference between a will and revocable living trust?
The primary difference between a will and a revocable living trust is the process by which property is transferred after death. A will directs the transfer of property through the probate process. A revocable living trust, however, is designed to avoid the probate process altogether.
Do I need a will if I have minimal or no assets?
A will is simply a means of communicating with the world after you die. Mostly, a will communicates who is to receive title of your property when you die. Without a will, though, your property will still transfer to someone, but that someone is then left to whoever the state determines is your heir based on that state’s laws of inheritance/intestacy. While a will is by no means required by law, you may want a will to make sure the right people actually receive your assets. Additionally, a will is often used to tell your story, communicate with your loved ones, and be a part of your legacy once you pass. For example, many people include a statement about their religion/faith, their philosophy in life, explain certain events or just the reasons they lived the way they did. Some people tell their surviving family just how they felt about them, good or bad.
What is the probate process?
In a nutshell, the probate process is the judicial process of determining what probate assets a person has at death, who are the heirs, and making sure property is transferred in accordance with their will.
What is a “simple will?”
The term “simple will” is a misnomer because there is no technical or legal document called a “simple will.” A will, in its simplest form, is used to direct who will receive your assets when you die.
Is my will from Legal Zoom enforceable?
Yes, but only if it has been executed properly by you, the testator, in front of two witnesses who also sign the will. But, there are lots of reasons we do not recommend you do-it-yourself when it comes to estate planning and wills. First, the most valuable part of working with us is our advice and counsel specific to your needs and situation. Second, we draft custom documents for you. Finally, we are fully covered by insurance just in case. Legal Zoom and other such websites offer you only the same will they gave to the last thousand people who purchased a will from them.