Will vs Probate: What’s the Difference Between Them?
Money is viewed as a crucial component of life. Every individual across the globe must earn money to sustain this world. Making money helps a person obtain assets and wealth. But the actual question here is: what will happen to all those assets and wealth when the person dies?
The experts from the Georgia probate law firm say that there are many ways to distribute a person’s assets. One of the best ways is through Probate and Will. But the difference between these two? Which is the best option to transfer the assets? Let’s find out through this article.
What Exactly is a Will?
A Will is a legal document, which a person writes during their lifetime. The actual purpose of a Will is to mention the names of all those who can inherit your property, funds, and various other possessions after your demise. These people are known as beneficiaries.
The Georgia probate trust attorney has pointed out that having a Will can help you make various other arrangements, which will come into force when you pass away. For instance:
- You can choose the executors who will wind up all your affairs and distribute all the assets and funds to the beneficiaries.
- One may provide the names of the legal guardians who support and care for your children who are under 18.
- You can also mention funeral preferences, such as if you wish to be cremated or buried.
But if you pass away without a Will, it will die “Intestate.” Your estate will get distributed to your family members. The law will take the responsibility to decide who will get what.
What is a Probate?
According to the Georgia probate lawyer, probate is known as a legal process when you die. The primary purpose of probate is to provide individuals the legal authority to handle the deceased person’s estate. These individuals are known as the “Personal Representatives.”
The Georgia probate lawyer says that these “Personal Representatives” can access the deceased person’s assets through probate. Some of the things they can access are property, bank accounts, and pensions. This enables them to do the following things:
- Distribute the estate to all the beneficiaries.
- Finalize the utility bills.
- Transfer or sell the property.
- Gather in assets, including savings, pensions, shares, and stocks.
- Pay and calculate the income or inheritance tax due.
- Pay up the outstanding debts through the funds from the estate.
- Liquidate all the assets within the estate.
To conduct the probate process, you can speak with the reliable Georgia estate probate lawyer as they will take responsibility for granting the probate. These lawyers will also deal with tax, legal, estate, and property administration affairs.
But probate is not always required every time there is a death. Generally speaking, there are two scenarios where probate is not required. They are:
- The deceased individual owed little or small estate.
- The deceased individual’s wife or husband is still alive, and the assets are jointly owned and will be passed to the surviving spouse immediately.
If these are not the case, the deceased person’s assets and wealth will go through the probate process. Without the process, all these assets will stay in limbo. There will not be any person with legal authority to deal with or manage the estate. Due to such reasons, it cannot be distributed or administered to all the beneficiaries.
Probate and Will are the two ways a deceased person’s assets and wealth can be distributed to its beneficiaries. But there is a difference between the Will and probate.
The Will is a document that mentions the desires and expectations related to property distribution. Probate is the copy of the Will, which a competent jurisdiction court validates. You can speak with one of our Georgia probate lawyers to learn more about them.