TrustĪ trust is another legal instrument that transfers ownership of your assets to your beneficiaries. Not all your assets must go through probate, but it depends on your state’s laws. The court assesses your assets and pays debts before distributing anything to your beneficiaries. Probate is the process of settling an estate and transferring property. If you die with a will, your executor - the person you designate to carry out your plan - files a petition to the probate court to ensure your will is valid and officially appoints the executor. Once the will is valid, you become the “testator” - the person who made a will. You might also name guardians of your pets and children within your will. You appoint beneficiaries and assign property to them. WillĪ last will and testament is a legal document that includes how to distribute your property after you die. You can use an online service or work with various professionals - such as your financial planner, estate attorney and accountant - to create these documents.
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