When a person dies testate (with a will), his assets will become an estate. His estate will be distributed to his loved ones only after his liabilities have been settled even though he has a valid will. After his liabilities have been settled, his remaining estate will be distributed according to his will.
Please read my posts titled WHAT WILL HAPPEN TO A PERSON'S ESTATE IF HE DIES INTESTATE (WITHOUT MAKING A WILL)? (January 27, 2009) and FINANCIAL PLANNING SEMINAR (THIRD DAY). (January 21, 2009).
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