Many people are beset with misconceptions about the probate process. Some people are convinced that if they don't have a will, "the state will take it all". Others labor under the misconception that if they " put everything in trust" a will is unnecessary. The truth is that probate is a simple, and often inexpensive process. Indeed, many people's estates need never be "probated". Other times, probate can be cumbersome, complicated and expensive. However, rich or poor, living on a trust fund or barley getting by: YOU NEED A WILL!!!

A will does two things. First, it states whom you wish to get your property when you die and it designates the person who will be in charge of seeing that those named recipients get it. It is not true that "the state" will take everything when you die, but if you have no will, your estate will be handled thorough the intestacy laws. In other words, the probate judge will appoint someone (perhaps even a creditor) to divide up your property. This court appointed administrator will use a formula prescribed by law to make the division. This oft-times convoluted formula may not reflect your wishes.

Second, your will directs who will be in charge of your estate. In a will, you name your executor: the person who will wind up the "business" (be it large or small) that was your life. You can also name the person or persons who will house, feed and clothe your children. Many young people do not think they need wills. However, the chances are if you die at a young age, it will be in an accident. The person you name as the executor will be the one who sees to it that your spouse and children are compensated for this loss.

There are many authorities today that tout various "probate avoidance" methods other than wills. The most popular method is a trust. For many people, this is sound advice. However, the vast majority of estate planners suggest that even if you have a trust, as a necessary backup, you should have a will!!! In many cases, modern court procedures allow wills to be probated with little or no process or expense.

Please feel free to contact Gage Law Office P.A. and one of our attorneys will be happy to candidly discuss wills, trusts and the probate process with you. Call us at (603) 772-3762- or e-mail us at info@gagelawoffice.com.