Estate planning probate is the legal process used to designate beneficiaries whom you wish to receive your assets in the event of your death.
Many people postpone estate planning; especially when they are young and in good health.
Unfortunately, death oftentimes arrives unannounced and can strike when you least expect it.
Inadequate planning creates an enormous burden for your family and loved ones should you die unexpectedly.
Estate planning probate generally requires the services of a qualified probate lawyer.
This type of attorney specializes in estate planning and can assist in keeping estate assets out of probate.
It is important to understand that everything you own is transferred to probate unless you have taken steps to avoid the process.
Probate is the legal process used to validate your Will and ensure assets are transferred to rightful heirs.
Probate laws are governed by each individual state.
Financial assets and personal belongings can be gifted to anyone you choose.
However, in most states, financial and real estate holdings are automatically transferred to your spouse.
Assets held by unmarried decedents typically transfer to direct lineage relatives such as children, parents or siblings.
When decedents do not engage in estate planning probate prior to their death, it is referred to as dying 'intestate', which means "without a Will".
A probate judge must designate an estate administrator to locate missing heirs and determine the rightful owners of your property.
The probate process can be quite lengthy and can be prolonged for months or even years.
Estate planning experts state the average probate case lasts for three years.
During this time the estate is responsible for all expenses related to probate.
These expenses can include paying mortgage payments, maintaining real estate, property taxes, and attorney fees.
Assets held in probate depreciate with time.
Add in all the costs associated with probate and estate assets can quickly be depleted; leaving little to nothing for the heirs.
This can easily be avoided my executing a Last Will and Testament and establishing probate planning.
There are many simple techniques which can be established to keep assets out of probate.
Estate planners can assist you in arranging transfer-on-death (TOD) and payable-on-death (POD) accounts; executing a Will; and all other aspects of estate planning.
Depending on the size and value of your estate, probate lawyers might recommend establishing a living trust or irrevocable life insurance trust.
Trusts are generally reserved for estates valued at $100,000 or more.
By transferring assets to trusts, you can avoid probate altogether and maintain your privacy.
Probate is a matter of public record; whereas trusts are private and are not submitted through the court system.
Additionally, funds held in trusts are oftentimes exempt from taxation.
Estate planning is not difficult or expensive.
All that is required is to legally document what you own and who you would like to give it to when you die, and the designation of a probate executor.
The person appointed to this position should be good with money and someone you trust.
Estate planning probate is an ongoing process.
Will and trusts should be updated on a regular basis to record changes in assets or to designate a different probate executor.
Probate lawyers usually charge a nominal fee to update Wills and trusts.
However, it is a small price to pay to ensure your loved ones are protected in the event of your death.
Many people postpone estate planning; especially when they are young and in good health.
Unfortunately, death oftentimes arrives unannounced and can strike when you least expect it.
Inadequate planning creates an enormous burden for your family and loved ones should you die unexpectedly.
Estate planning probate generally requires the services of a qualified probate lawyer.
This type of attorney specializes in estate planning and can assist in keeping estate assets out of probate.
It is important to understand that everything you own is transferred to probate unless you have taken steps to avoid the process.
Probate is the legal process used to validate your Will and ensure assets are transferred to rightful heirs.
Probate laws are governed by each individual state.
Financial assets and personal belongings can be gifted to anyone you choose.
However, in most states, financial and real estate holdings are automatically transferred to your spouse.
Assets held by unmarried decedents typically transfer to direct lineage relatives such as children, parents or siblings.
When decedents do not engage in estate planning probate prior to their death, it is referred to as dying 'intestate', which means "without a Will".
A probate judge must designate an estate administrator to locate missing heirs and determine the rightful owners of your property.
The probate process can be quite lengthy and can be prolonged for months or even years.
Estate planning experts state the average probate case lasts for three years.
During this time the estate is responsible for all expenses related to probate.
These expenses can include paying mortgage payments, maintaining real estate, property taxes, and attorney fees.
Assets held in probate depreciate with time.
Add in all the costs associated with probate and estate assets can quickly be depleted; leaving little to nothing for the heirs.
This can easily be avoided my executing a Last Will and Testament and establishing probate planning.
There are many simple techniques which can be established to keep assets out of probate.
Estate planners can assist you in arranging transfer-on-death (TOD) and payable-on-death (POD) accounts; executing a Will; and all other aspects of estate planning.
Depending on the size and value of your estate, probate lawyers might recommend establishing a living trust or irrevocable life insurance trust.
Trusts are generally reserved for estates valued at $100,000 or more.
By transferring assets to trusts, you can avoid probate altogether and maintain your privacy.
Probate is a matter of public record; whereas trusts are private and are not submitted through the court system.
Additionally, funds held in trusts are oftentimes exempt from taxation.
Estate planning is not difficult or expensive.
All that is required is to legally document what you own and who you would like to give it to when you die, and the designation of a probate executor.
The person appointed to this position should be good with money and someone you trust.
Estate planning probate is an ongoing process.
Will and trusts should be updated on a regular basis to record changes in assets or to designate a different probate executor.
Probate lawyers usually charge a nominal fee to update Wills and trusts.
However, it is a small price to pay to ensure your loved ones are protected in the event of your death.
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