What is the Difference Between a Will and a Probate?

Having a will and probate are two totally separate things although they both relate to events that happen after death. In this article, I will give details and explain each of these concepts, while touching up on why they matter so much.

What does a Will denote?

Will denotes the legal documentmade by a person during his or her lifetime. It helps to distribute the estate of a person after his or her death.

The estate indicates possessions, investments, shares, property and money belonging to the person. It is generally passed on to the spouse or other family members close to the person. It can also be shared based on the wishes of the person.

When you write a will, it ensures your property, money and other possessions are passed on to the persons you want. Such individuals are called as beneficiaries. When you write a Will, it is legally accepted only when it is formally witnessed and signed.

In addition to naming the beneficiaries, you can name the legal guardian for your dear children, if they have not reached 18 years of age. Other things you can include in the Will are funeral preferences and executors of the Will who will take care of proper distribution of the assets to the rightful beneficiaries.

Dying intestate is a condition where you fail to write a Will before you die.  In such a case, your assets will be shared among family members and decided upon by the law, even if you had expressed otherwise before you death. If you want to avoid such as situation and need help with drafting of the Will, you can approach a reputed legal expert like Russells to protect your dear ones and avoid disputes.

Probate

Probate denotes the financial and legal processes involved in arranging to execute the Will of the deceased. An executor who is usually a person named in the Will or appointed by the law will take care of the responsibility to administer the estate of the dead person.

In the absence of a Will, a close family member or friend will have to apply for taking care of the distribution of the assets and other related aspects. The court issues a legal document naming the administrator of the estate.

How does a will differ from a probate

As you can see from the explanation above, a Probate is different from a Will. Here are the facts that prove they are different:

• Will enables the person writing the Will (called as Testator) to legally record his or her wishes.
• Probate authorizes a person close to the deceased to take action on the wishes of the testator.
• A probate is needed irrespective of the fact that there is a Will or not.  Many people wrongly assume that a probate is not needed, if a will is present.
• If there is a sizeable amount of property or Estate without any surviving spouse, probate is needed to distribute the estate whether there is a will or not.

Probate is influenced by the will in cases such as

• Naming the executor of the will
• Type of Grant to be taken from Probate Registry
• The distribution of the estate

As you can see from the above mentioned details, if your loved one or close relative, or friend has died recently, you may need to consider about probate process in spite of the presence of a Will.
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