When handling your estate planning affairs, its important to understand probate. All individually owned assets will pass through the probate process. If you want to avoid probate, you will need to consider probate avoidance techniques. Take a look at the following information, to learn more. If you have any questions, or if youd like to discuss probate in detail, contact an estate planning attorney.
Which assets go through probate?
After your death, all of the assets that are titled in your individual name are subject to probate. This means even if you create a will, the assets controlled by your will are subject to probate.
What exactly is probate?
Its a court process in which your estate affairs are handled. If you have a will, its also validated to ensure that your wishes are respected.
Why would I want to avoid probate?
The probate process can take many months to complete. It can also be expensive because it is a court process and there are court costs, attorney fees, and executor fees. Additionally, all of your probate affairs are made public. This means that anyone and everyone will have access to private and personal information regarding your estate and beneficiaries. This includes the value of your estate as well as the distribution choices that were made.
I can keep my family and financial affairs private?
If you wish to keep your affairs private, you may decide to use probate avoidance techniques as part of your planning. This is also a good way for you to save time and money and ensure that your loved ones receive their inheritances more quickly. There are a variety of probate avoidance techniques, but they must be used correctly, in order to be effective.
This is why its important to work with an estate planning attorney. This will allow you to get the individualized results that youre looking for. You should never guess your way through probate avoidance or any estate planning issues.
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