Your Last Will and Testament is a document that directs your Executor as to how you want your assets to be passed on when you die. When you die, your Will is admitted to the probate court, if it has been properly executed, and the probate court will supervise the administration to make sure your wishes are followed. 

Probate Court is the supervisory authority that assures your Will is properly administered. For example, if your Will states “I leave my diamond ring to my daughter Betty,” the court will need to see a receipt from Betty stating she received the ring. 

While the probate court does see to it that your Will is properly administered, there are other aspects to probate to be aware of. First, all probate administrations are public. This means anyone can look through your probate file and learn the details of your estate. Second, all of your assets are subject to creditor claims. This means your creditors will have priority claims before your beneficiaries. Third, there is no protection for your loved ones once they receive their distribution from your estate. If a beneficiary is undergoing a bankruptcy when they receive their inheritance, it would likely be lost to the bankruptcy process. Finally, the expense of probate is significant, mostly because of the attorney and fiduciary fees. 

With creative planning, Jennifer has helped many of her clients avoid the pitfalls of the probate process.