Because of this, they will likely vary depending upon what state the testator resides in. In addition, estate laws are based upon state and local statutes in a jurisdiction. This is because the debts which an individual owes at the time of their death will have to be addressed, even if they become incapacitated or pass away. It refers to the way the testator’s property is distributed to the beneficiaries named in the will.ĭebts are also a part of a testator’s estate. The distribution of property is the ultimate goal of estate planning. The executor is also required to carry out the wishes of the testator in accordance with the instructions provided in their will. The executor, also referred to as the administrator, is legally responsible for fulfilling specific duties. In most cases, this is handled by a designated executor, or, if the individual died without a will, their property will be distributed according to intestate laws, or the laws of their state.
In addition to issues related to wills and trusts, estate planning may address other issues, such as:Įstate administration is the process of managing and distributing the testator’s estate after their death.
As discussed above, estate laws govern matters which include:Įstate planning serves as a guide for other individuals regarding how the testator wants their property to be distributed upon their death or incapacitation.
