Will
01 Definition:
A legal document that outlines how a person’s assets will be distributed after their death.
02 Key Features:
Probate: Wills typically go through probate, a legal process that validates the will and ensures assets are distributed according to the deceased’s wishes.
Public Record: Once probated, a will becomes a public document.
Simplicity: Generally straightforward and easy to create.
03 Limitations
Takes effect only after death. May be subject to probate fees and delays. Does not cover assets held in joint tenancy or certain accounts with named beneficiaries.