AG Financial Solutions

Every state legislature has written laws that create a “state-written will” for those who haven’t made their own, but these laws vary from state to state. Without a will in place, your jointly owned items will pass to the joint owner and beneficiary-designated assets and plans will pass to the beneficiaries, but most other assets will be distributed in accordance with your “state-written will” in accordance with your state’s probate code.

Probate is the name of a section of state statutes and a division of the state courts that deal with the property of an individual who can no longer handle property due to death or incapacity. In the event property remains titled in your name when you die with no other owners and no beneficiary designations of any kind in place, the probate system works to retitle those assets into the name of a new owner. Direction as to whom to transfer those assets is determined by following the “state-written will” written in the state statutes or, if one exists, by following the terms of a valid Last Will & Testament.

No. A Last Will & Testament is a document that acts as personal letter of intent to your local probate court as to how you would like to dispose of your property after you die. It operates within the probate system to provide direction instead of the court relying on the “state-written will” created by your state legislature.

Yes. It’s important that each has a will, even when the two wills may be essentially the same.

Yes. The smaller the estate, the more important that it be settled quickly, as delays usually mean increased expenses. Besides, your estate may be larger than you realize. Don’t make the mistake of thinking of your property in terms of what it originally cost. In many cases, its value may have increased substantially.

No. Joint tenancies are not a substitute for a will, but can often work well in conjunction with one.

You can and it is often recommended. A close relative, friend, or professional fiduciary may also be named.

It’s not a legal requirement, but a courtesy. Your assets or the content of your will may dictate the qualifications necessary for a person to serve effectively as your representative and may affect his or her willingness to serve.

Not necessarily. Most states allow out-of-state personal representatives, but some require appointment of an in-state agent as well.

Yes and this does occur for reasons of ill health, travel, or the press of other business. That is one reason it’s wise to name an alternate.

The court appoints an alternate administrator, who may not be the one you would choose. Naming an alternate representative, preferably younger than you, is a good idea. You might also consider naming a corporate fiduciary as your final alternate.

A personal representative may be responsible for several things depending on your state’s laws. Below are some common duties that may or may not apply:

• Obtains the death certificate and provides copies to your insurance company, the Social Security office, and others.
• Notifies banks where you have accounts or safe-deposit boxes.
• Arranges for appraisal of your property, if required.
• Safeguards your property.
• Presents your will to the probate court.
• Defends your will if challenged.
• Locates witnesses to your will, if necessary.
• Collects amounts due your estate.
• Advertises for any just claims against your estate and pays them in order of priority.
• Provides interim management for business interests, if necessary.
• Inspects and maintains your real estate.
• Collects rents if and when due.
• Completes and files state and federal estate and income tax returns, as required by law, in time to avoid penalties.
• Defends your estate against improper tax assessments.
• Establishes any trusts created by your will.
• Secures any payments due such trusts.
• Disposes of your property according to your instructions.
• prepares final accounting and obtains receipts and releases from heirs

No. It is usually better to leave separate instructions and tell your relatives or close friends where to find them. Often the funeral has already occurred before the will is reviewed.

Yes. Trusts that spring into existence in the event something happens to both you and your spouse should be set up in your will’s language for the protection of assets for minor children. Trust language written into your will may also be used to protect the value of your estate while providing an income stream to your surviving spouse. This type of “testamentary trust” should not be confused with a revocable living trust that can be set up to operate during your life and upon your death as an estate planning device.

Many simply designate a percentage of their estate to go to the charitable organization of their choice. Others name one or more charities as final beneficiaries to receive whatever remains in the estate after other heirs are provided for. Through the Testamentary Services program of AG Financial Solutions, you can designate a portion of your estate to the charities and ministries of your choice with at least ten percent of your estate going to an Assemblies of God church or ministry, and you also have the opportunity to list those organizations as your final beneficiaries in case your spouse and direct descendants fail to survive you.

Currently, all states require two disinterested witnesses. Wills themselves don’t require a notary, but many states have provisions that allow you and the witnesses to sign a “self-proving affidavit” before a notary in conjunction with the execution of the will document that will make wrapping up your estate matters simpler upon death.

A person must be mentally competent to be a witness. Witnesses should be disinterested because in most states, such a witness may not receive property left to him or her under the terms of the will unless there are enough other witnesses to prove the will is authentic.

Sign one copy and keep it in your office, home or possibly in a bank safe-deposit box. Before storing your will in a safe-deposit box, be sure to check to see if it will be readily accessible to your executor. In some states, safe-deposit boxes are sealed for a time upon the renter’s death. Retain an unsigned duplicate so you can check it periodically to see if it needs updating. Note the location of the signed copy on the duplicate.

You will need to send in a written request with you signature included. This can be mailed to our office or faxed to (417)520-3606.