Why Reading the Will Looks Nothing Like in the Movies

You’ve seen the scene in movies: the family gathers in a lawyer’s office, the Will is dramatically read aloud, and everyone discovers who inherited what. Real life looks very different. In this episode, Jill Mastroianni explains what actually happens to a Will after someone dies, who receives a copy, why being an heir-at-law isn’t the same as being a beneficiary, and what it really means when a Will becomes “public record.” She also explains why reading someone’s Will may give you only part of the story of what happens to their assets after death. What You’ll Learn in this Episode Why there isn’t a formal “reading of the Will.” In real life, the Will is typically filed with the probate court and copies are mailed to beneficiaries and heirs-at-law. Why your Will doesn’t control everything you own. A Will controls probate assets, but assets with beneficiary designations or certain forms of ownership pass outside of the Will entirely. Why inheriting “everything” under a Will might not mean much. If most of someone’s assets pass through beneficiary, payable-on-death or transfer-on-death designations, very little may actually pass under the Will. What a probate asset is. Generally, a probate asset is an asset that does not automatically pass to someone else at death because of the way it is titled or because of a beneficiary designation. Why the original Will matters. In Tennessee, a missing original Will can create significant problems, including a presumption that the person destroyed the Will intending to revoke it. The difference between a beneficiary and an heir-at-law. A beneficiary inherits because the Will says they inherit. An heir-at-law is someone who would inherit under state law if there were no valid Will. What happens when probate begins. The attorney gathers information, prepares a petition, submits the Will to the probate court and asks the court to officially appoint the Executor. What Letters Testamentary actually do. Being named Executor in a Will does not automatically give someone authority to administer an estate. The court must appoint the Executor, who then receives documentation establishing that authority. How you might actually find out what a Will says. Instead of gathering in a lawyer’s conference room, you may simply receive an envelope containing a probate petition and a copy of the Will. What it means when a Will becomes public record. “Public” doesn’t mean the Will is broadcast to the world. It means someone may be able to obtain a copy from the probate court. Why Wills can be difficult to understand. Wills often contain precise legal language and standardized “boilerplate” provisions designed to address circumstances that may arise after death. Whether the estate’s assets become part of the public record. An inventory of probate assets may become part of the public court record if one is required and filed, but the requirement to file an inventory can sometimes be waived. Why communication matters while you’re alive. A Will is a legal document designed to accomplish legal objectives. It may not be the best place to explain your decisions, communicate your reasoning or leave one final message for the people you love. Resources and Links Watch this episode on YouTube: https://youtu.be/OM5nvNSixqQ How Assets Pass at Death Infographic Download the infographic referenced in this episode for a visual explanation of which assets are controlled by your Will and which pass outside of probate. https://www.deathreadiness.com/probate-infographic Episode 89: Why Your Original Will Matters More Than You Think Learn what can happen when your family can find a copy of your Will after your death but no one can locate the original. https://www.deathreadiness.com/podcast/89 Tennessee Estate Planning with Jill Mastroianni A Will is only one part of an estate plan. Jill works with Tennessee clients to consider how their Wills, beneficiary designations, asset ownership and other estate planning documents work together. https://www.deathreadiness.com/solutions Connect with Jill: Website: DeathReadiness.com Email: [email protected] Learn more about Jill’s solutions Subscribe to the Death Readiness Dispatch! Ask a question for Tuesday Triage Did you enjoy this episode? Share it with someone you care about. This podcast provides estate planning guidance for women and discusses real, practical issues, from caregiving, pre-planning a funeral, how to avoid probate using beneficiary designations, planning for individuals with special needs (and special needs trusts), whether you need a professional fiduciary (trustee or executor), how the estate tax works and how to preserve your legacy. Tuesday Triage episodes answer questions from listeners like you, from powers of attorney, healthcare advance directives (and whether they work when you’re pregnant), what a Last Will and Testament really is, whether you need a trust, how Medicaid works and how to have senior and elder care conversations and how to care for aging parents. Disclaimer: This podcast and all related content are for educational purposes only and do not constitute legal advice. No attorney-client relationship is established here. Use of this information without careful analysis and review by your attorney, CPA, and/or financial advisor may cause serious adverse consequences. For legal guidance tailored to your unique situation, consult with a licensed attorney in your state.