Anything and everything you own is your estate. Any land, commercial or private property that you own outright, is part of your estate. Money, modes of transportation, clothing, jewelry, animals, whether exotic or domesticated, are part of your estate. In fact, even mortgaged items or assets with loans against them, are part of your estate and have to be transferred to some other owner when you die. You would probably prefer that said living beneficiary be chosen and appointed by you, in your lifetime. A wills, trusts, estates and probate lawyer in Israel will help you through all the steps to make sure that any and all property that is yours, whether in Israel or abroad, is duly distributed, according to your wishes. Any foreign document will not be valid unless filed according to Israeli guidelines.
Simple Terminology
- Testate – when you die with a valid will
- Intestate – when you die with no valid will
- Probate – the legal process by which ownership of your property is transferred to living beneficiaries.
Rules and Restrictions in Israel About Wills, Trusts, Estates and Probate
The Succession Law (5725 – 1965), or “Law of Succession” in Israel gives absolute freedom and there are no rules that enforce who inherits. This means that a person can bequeath as he or she sees fit, under ordinary circumstances.
When You Die with a Will
When you are testate, your wishes will be carried out and your property, whether on land, sea and air, will be distributed as you want. This can make the probate of your estate much easier.
Your last will and testament will clearly and unequivocally appoint an executor. This is a person who will manage your estate through the probate process and see to it that your wishes are fulfilled.
The Will Must Be Valid
The courts also use the probate process to establish the validity of a will, when the deceased left one. Without a lawyer who specializes in these matters, you will assuredly miss some details and increase the anguish of your already grieving benefactors. Advocate David Page is a lawyer in Jerusalem, Israel, with the highest qualifications and much experience in the proper filing of wills, trusts, estates and probate. He is licensed to practice in both, Israel and the United States.
When Your Lawyer is a Friend
Some years ago, one of three beneficiaries brought his childhood friend who was a lawyer, to his widowed father-in-law, to draw up a new will, since the original of the will that his deceased spouse signed, was nowhere to be found. The (friend) lawyer did not advise the widower on the ambiguity of the text and after he died, also called the beneficiaries to his office to sign a completely irrelevant document and the entire process was unnecessarily delayed for two months, until the court notified him that the documents were irrelevant.
It’s nice to have friends but when you need astute legal advice, get a specialist in wills, trusts, estates and probate matters.
Trusts
A trust is a person, organization, company or agreement, which allows the benefactor, grantor, or donor, transfer property to someone. That someone becomes the trustee for the benefit of a third party, called the beneficiary.
You do not want to appoint a trust over a meal by raising a glass. Be formal and meticulous, or rather, have your lawyer dot the i’s and cross the t’s in all concerning wills, trusts, estates and probate.
