WHAT EVERY FUTURE WIDOW SHOULD KNOW

To die is bad enough. But to die leaving only a will, or without a will, is much worse. Your spouse or executor, or personal representative, as it is called in some states, will have the frustration and expense of dealing with an attorney and the probate court in order to carry out your wishes. A widow will feel very powerless if she needs an attorney in order to collect that which is due her according to her husbands wishes. If you or your spouse die without leaving a will, the State will choose your heirs. You certainly do not want that to happen.

If you die leaving a Will, that Will must be probated in a court. Probate is the state court procedure to distribute a decedent’s assets according to his Will. All Wills require this probate procedure. If the decedent has property in another state, his estate must go through the probate process in that state as well. All probate proceedings are open to the public scrutiny. All your financial affairs become open to the public.

By contrast, if the decedent has a Revocable Living Trust there is no probate procedure required and no facts become public knowledge. The Trustee of the Revocable Living Trust has full power to distribute the decedent’s assets without requiring the services of an attorney or seeking permission from a court.

Probate can be both time consuming and expensive. Legal fees can average between 3% and 6% of the total assets of the deceased. The probate procedure can last months or even years before the deceased’s assets are distributed. As your husband’s survivor you will feel frustrated in your inability to collect your husbands assets without the services of an attorney and with the time delay of court proceedings and the expense of legal fees.

You do not want to go through that hassle and expense.

There are only three ways to transfer assets owned by a deceased:

1. By a Last Will
2. By operation of law
3. By a Revocable Living Trust