When a person dies, whether they have arranged for their estate or not, their property needs to go somewhere. Here, we’ll take a closer look at the legal process of either dying intestate or testate, and what it means to leave behind a testate estate.
The Difference Between Intestate and Testate
When someone dies “intestate,” it means they have failed to create a will or estate plan prior to their death. In this situation, their estate will be divided among surviving family members according to state law. Unfortunately, without a clear plan in place, the estate can be more vulnerable to any number of circumstances, and the decedent’s wishes may not be carried out.
On the other hand, when someone dies “testate,” it means they have left behind a last will and testament – or other estate document – that sets out in detail how their property and assets should be distributed. While it still takes time for their property to pass through probate, with the direction of an experienced attorney, their estate can be handled more efficiently and with less potential disputes.
Why You Should Always File Testate
No matter what a person’s financial situation or age may be, it’s important for them to file testate with the help of an experienced estate planning attorney. Having a plan in place can give an individual more control over what will happen to their assets and property after they are gone – and who will ultimately be responsible for managing and distributing the estate.
It’s also important to note that testate is beneficial for high net worth estates, since it can help to minimize estate taxes and administrative costs. Even if someone is unable to create a will or estate plan on their own, a trust attorney can often help them to navigate the process to ensure a more favorable and orderly distribution of their assets.
Create Your Testate Estate Today
Ultimately, having a clear and comprehensive plan in place can not only benefit an individual’s family, it can also give them (and their surviving loved ones) peace of mind that their wishes will be respected. It is important that you consult with an experienced estate planning attorney when you do so.