{"id":4689,"date":"2020-10-30T00:00:00","date_gmt":"2020-10-30T04:00:00","guid":{"rendered":"http:\/\/staging-wablog.wiseradvisor.com\/blog\/uncategorized\/important-tips-to-remember-while-probating-a-will\/"},"modified":"2024-09-30T00:28:01","modified_gmt":"2024-09-30T04:28:01","slug":"important-tips-to-remember-while-probating-a-will","status":"publish","type":"post","link":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/","title":{"rendered":"Important Tips to Remember While Probating a Will"},"content":{"rendered":"<p>A will is a legal document, which specifies your wishes about the distribution of your property and assets after death. Additionally, a will can also become a guiding document in case of your absence, illness, disability, or any condition that causes loss of financial control. Inspite of being an indispensable estate planning document, 68% of Americans do not have a will in place. The value of a properly drafted and legally secure will cannot be overstated. Moreover, since a will can be challenged in the court of law, it is necessary to prepare it with utmost precision.<br \/>\nHere are a few tips to remember while probating a will:<\/p>\n<ul>\n<li><b>Take inventory of your assets<\/b><br \/>\nTo create a foolproof will, it is vital to follow each step with caution. The first is to take stock of all your assets &#8211; tangible and intangible. Make a list of all the valuable things you own. This will include your savings, investments, shared holdings, property, insurance policies, jewelry, collectibles, vehicles, antiques, and more. Also account for your foreign holdings if any, in the calculation. Collect all the documents, licenses, registrations, certifications, etc. of the possessions listed. These will be helpful in passing on your legacy to your beneficiaries. Post creating an exhaustive list, you will need a near-to-accurate estimate of your inheritance. You will also need to track down your liabilities. This can help you determine what assets should be distributed, to whom, and in what share.<\/li>\n<li><b>Enlist your beneficiaries<\/b><br \/>\nAfter you know your overall asset value, the next step is to decide how to pass it on. You can choose to endow a specific share to your surviving spouse, children, extended family, or any other person you deem fit. That said, all shared accounts and assets, like an IRA (Individual Retirement Account), a company 401(k) account, and life insurance policies, already have a designated beneficiary. These are nominees appointed at the time of opening the account. These existing beneficiaries, unless updated, will always be given preference over those mentioned in the will. Hence, it is advisable to ensure that the recipients you wish to include in your legal will are similar to the ones mentioned on your assets and investment account forms. If not, you should update the nominees and then frame your will. Moreover, remember to assign a transfer on death designation for your assets. This will enable your beneficiaries to get the inheritance (bank savings, cash deposits, etc.) without the cumbersome process of probate. Further, for debts, explicitly mention how existing arrears are to be paid and who would be responsible for the execution.<\/li>\n<li><b>Select a guardian for your kids<\/b><br \/>\nThis tip is relevant for you if you have a minor, a disabled child, or a kid that needs special medical care due to a health concern like diabetes, autism, etc. In any such situation, you must mention a guardian for your children in your will. It is always helpful to select a custodian who is close, trust-worthy, and a responsible person. Ideally, you should inform the person about the guardianship and their inclusion in your will. Also, understand if they are willing to take on the responsibility in your absence. To reward the guardian for the support, you can choose to set aside a specific sum in your will as reimbursement of expenses incurred in taking care of your child. You can also grant specific access, rights, and authorities to the guardian in your will.<\/li>\n<li><b>Choose the executor and trustees<\/b><br \/>\nWhen creating a will, you should also consider appointing an executor, also known as, an estate administrator. An executor is a person who is in charge of reading your will and ensuring its right administration, in case of your death or incapacitation. While a surviving spouse or child is an obvious choice for an executor, it is important to choose someone who is ideally a sound-minded, responsible, and trust-worthy person. It is good to appoint an executor who is not a stakeholder in your estate. You could choose your bank, family member, friend, or your attorney to be the executor. The estate administrator will oversee the complete distribution of assets, paying off debts, taxes, etc. Hence, the aim is to pick a person who is ethical and will not be easily intimidated by any complicated and unforeseeable situation in the future. That said it is beneficial to invoke your power of attorney in the event of incapacitation or death and assign the organizer as the administrator of your estate. If you wish to create a trust of your estate, make sure to appoint accountable and honest trustees.<\/li>\n<li><b>Draft the will<\/b><br \/>\nOnce you know the estate allocation and have complied with all the above parameters, legalize everything by drafting a will. Your will should include an explicit list and division of all your assets, the beneficiary of each share, designated guardians, executor details, trustees, etc. It is advisable to create the will when you are in the best of your health and a sound state of mind. Be specific of your apportionment and ensure there is no ambiguity. Any negligence or vagueness could make the will subject to probate in the court of law. It is wise to take help from a professional estate planning lawyer to ensure you draft the will with utmost precision and cover all bases. After you are satisfied with the draft of your will, sign and date the document in the presence of at least two witnesses. These witnesses will also sign as proof. Only an inscribed will with signatures and attendance of the witnesses is valid as per law.<\/li>\n<li><b>Safeguard and update your will<\/b><br \/>\nPost the drafting process, remember to keep the duly signed and verified will in a secure place, safe from fire, theft, and other hazards. Also, inform your attorney, bank, or a reliable family person or friend about the will. You can choose to keep all other financial details, bank passwords, tax files, insurance policies, etc. in the same place. But remember, a will is not a document that you draft and set aside. With the passage of time, you should review your enlistments, assets, liabilities, etc. and ensure that everything mentioned is still in line with your desires. Further, it is vital to update the will to reflect your new life stages such as marriage, children, divorce, disability, etc. If you do not appraise your living will with significant life events, the document will become more susceptible to be contested in court.<\/li>\n<\/ul>\n<h2>To sum it up<\/h2>\n<p>Even though the majority of people (nearly 60%) agree that having a will is important, only a few are thinking about estate planning today as compared to the past generations. A major reason is the confusing and extensive process of will creation. However, if estate planning is intimidating for you, you can consult a <a href=\"https:\/\/www.retirementplanning.net\/match-planners\/search-by-zip?kwd=important-tips-to-remember-while-probating-a-will\">professional financial advisor<\/a> to be sure of the accuracy and completeness of this vital document.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A will is a legal document, which specifies your wishes about the distribution of your property and assets after death. Additionally, a will can also become a guiding document in case of your absence, illness, disability, or any condition that causes loss of financial control. Inspite of being an indispensable estate planning document, 68% of Americans do not have a will in place. The value of a properly drafted and legally secure will cannot be overstated. Moreover, since a will can be challenged in the court of law, it is necessary to prepare it with utmost precision. Here are a [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":4690,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[598],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Important Tips to Remember While Probating a Will - Retirement Planning - Blog<\/title>\n<meta name=\"description\" content=\"The majority of people agree that having a will is important, only a few are thinking about estate planning today as compared to the past generations. A major reason is the confusing and extensive process of will creation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Important Tips to Remember While Probating a Will - Retirement Planning - Blog\" \/>\n<meta property=\"og:description\" content=\"The majority of people agree that having a will is important, only a few are thinking about estate planning today as compared to the past generations. A major reason is the confusing and extensive process of will creation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/\" \/>\n<meta property=\"og:site_name\" content=\"Retirement Planning - Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-30T04:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-30T04:28:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-content\/uploads\/2023\/09\/probating-will.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"730\" \/>\n\t<meta property=\"og:image:height\" content=\"442\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Retirement Planning Insights\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Retirement Planning Insights\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/\",\"url\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/\",\"name\":\"Important Tips to Remember While Probating a Will - Retirement Planning - Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-content\/uploads\/2023\/09\/probating-will.jpg\",\"datePublished\":\"2020-10-30T04:00:00+00:00\",\"dateModified\":\"2024-09-30T04:28:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/#\/schema\/person\/e1a3b9aa5cc40cd8e791cacf652379e2\"},\"description\":\"The majority of people agree that having a will is important, only a few are thinking about estate planning today as compared to the past generations. A major reason is the confusing and extensive process of will creation.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/#primaryimage\",\"url\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-content\/uploads\/2023\/09\/probating-will.jpg\",\"contentUrl\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-content\/uploads\/2023\/09\/probating-will.jpg\",\"width\":730,\"height\":442},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Retirement Articles\",\"item\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Estate Planning\",\"item\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/category\/estate-planning\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Important Tips to Remember While Probating a Will\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/#website\",\"url\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/\",\"name\":\"Retirement Planning - Blog\",\"description\":\"Financial, Retirement &amp; Education Planning\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/#\/schema\/person\/e1a3b9aa5cc40cd8e791cacf652379e2\",\"name\":\"Retirement Planning Insights\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.retirementplanning.net\/blog\/wp-content\/uploads\/2023\/10\/rp-auther-96x96.png\",\"contentUrl\":\"https:\/\/www.retirementplanning.net\/blog\/wp-content\/uploads\/2023\/10\/rp-auther-96x96.png\",\"caption\":\"Retirement Planning Insights\"},\"description\":\"RetirementPlanning.net is a wholly-owned brand of the Respond.com Inc. (\\\"Respond\\\") family. Respond is registered with the U.S. Securities and Exchange Commission as an investment adviser, and operates through various subsidiaries and brands that provide financial education. RetirementPlanning.net matches and refers investors to qualified financial professionals that have elected to participate in our matching platform.\",\"url\":\"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/author\/retirement-planning-insights\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Important Tips to Remember While Probating a Will - Retirement Planning - Blog","description":"The majority of people agree that having a will is important, only a few are thinking about estate planning today as compared to the past generations. A major reason is the confusing and extensive process of will creation.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/","og_locale":"en_US","og_type":"article","og_title":"Important Tips to Remember While Probating a Will - Retirement Planning - Blog","og_description":"The majority of people agree that having a will is important, only a few are thinking about estate planning today as compared to the past generations. A major reason is the confusing and extensive process of will creation.","og_url":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/","og_site_name":"Retirement Planning - Blog","article_published_time":"2020-10-30T04:00:00+00:00","article_modified_time":"2024-09-30T04:28:01+00:00","og_image":[{"width":730,"height":442,"url":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-content\/uploads\/2023\/09\/probating-will.jpg","type":"image\/jpeg"}],"author":"Retirement Planning Insights","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Retirement Planning Insights","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/","url":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/","name":"Important Tips to Remember While Probating a Will - Retirement Planning - Blog","isPartOf":{"@id":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/#primaryimage"},"image":{"@id":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/#primaryimage"},"thumbnailUrl":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-content\/uploads\/2023\/09\/probating-will.jpg","datePublished":"2020-10-30T04:00:00+00:00","dateModified":"2024-09-30T04:28:01+00:00","author":{"@id":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/#\/schema\/person\/e1a3b9aa5cc40cd8e791cacf652379e2"},"description":"The majority of people agree that having a will is important, only a few are thinking about estate planning today as compared to the past generations. A major reason is the confusing and extensive process of will creation.","breadcrumb":{"@id":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/#primaryimage","url":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-content\/uploads\/2023\/09\/probating-will.jpg","contentUrl":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-content\/uploads\/2023\/09\/probating-will.jpg","width":730,"height":442},{"@type":"BreadcrumbList","@id":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/important-tips-to-remember-while-probating-a-will\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Retirement Articles","item":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Estate Planning","item":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/category\/estate-planning\/"},{"@type":"ListItem","position":3,"name":"Important Tips to Remember While Probating a Will"}]},{"@type":"WebSite","@id":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/#website","url":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/","name":"Retirement Planning - Blog","description":"Financial, Retirement &amp; Education Planning","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/#\/schema\/person\/e1a3b9aa5cc40cd8e791cacf652379e2","name":"Retirement Planning Insights","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/www.retirementplanning.net\/blog\/wp-content\/uploads\/2023\/10\/rp-auther-96x96.png","contentUrl":"https:\/\/www.retirementplanning.net\/blog\/wp-content\/uploads\/2023\/10\/rp-auther-96x96.png","caption":"Retirement Planning Insights"},"description":"RetirementPlanning.net is a wholly-owned brand of the Respond.com Inc. (\"Respond\") family. Respond is registered with the U.S. Securities and Exchange Commission as an investment adviser, and operates through various subsidiaries and brands that provide financial education. RetirementPlanning.net matches and refers investors to qualified financial professionals that have elected to participate in our matching platform.","url":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/author\/retirement-planning-insights\/"}]}},"_links":{"self":[{"href":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-json\/wp\/v2\/posts\/4689"}],"collection":[{"href":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-json\/wp\/v2\/comments?post=4689"}],"version-history":[{"count":4,"href":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-json\/wp\/v2\/posts\/4689\/revisions"}],"predecessor-version":[{"id":6371,"href":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-json\/wp\/v2\/posts\/4689\/revisions\/6371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-json\/wp\/v2\/media\/4690"}],"wp:attachment":[{"href":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-json\/wp\/v2\/media?parent=4689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-json\/wp\/v2\/categories?post=4689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.retirementplanning.dev-iac.wiseradvisor.com\/blog\/wp-json\/wp\/v2\/tags?post=4689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}