When a last will and testament is admitted to probate, it simply means that the court is satisfied that the will is valid and has decreed the will valid to direct the distribution of a decedent’s assets. The court then provides the executor with what is called letters testamentary, which is a document that gives the executor of the will the power to collect the decedent’s assets and administer the estate. (Note that a will can direct what happens only to assets that are in the decedent’s name alone; that is, the will generally does not affect the distribution of IRAs, 401(k)s, pension plans, and jointly owned assets.)...

Originally published in Lloyd Harbor Life, November 2018.