A lot of individuals relate the procedure of estate planning to the execution of a last will. While it is true that you can select to utilize a last will as your main automobile of possession transfer and a lot of individuals do, it is not always the very best choice.
If you go this route your estate is going to need to travel through the procedure of probate, and there are specific risks that accompany this procedure that make probate avoidance techniques more suitable to many.
What are these mistakes? For the many part they are threefold. For one, probate is a public proceeding that provides a forum for unhappy people who may desire to challenge your wishes. There are those who would prefer that their last affairs remain personal and masked from spying eyes, and of course people do not desire to see their wishes challenged.
Secondly, there are some substantial expenses that accompany the probate procedure. The executor or personal representative will do the hands-on jobs associated with administering the estate, and she or he is entitled to reimbursement for his/her time and effort. The administrator will need to bring in a probate attorney and in most cases an accountant, an appraiser, and an estate liquidation business. Naturally all this expert support comes with a cost tag.
And finally, the process of probate takes a lot of time to run its course. For instance, the Anna Nicole Smith case was recently dealt with after over 15 years. And even in easy cases it can take upwards of a year for an estate to be probated and closed, and the successors to the estate do not get their inheritances while it is held up in probate.
Probate does indeed have its risks, but it can be avoided if you take the right actions in advance. If you would like to check out the probate avoidance techniques that are readily available to you, simply take a minute to choose up the phone and schedule a consultation with a knowledgeable Campbell, California estate planning lawyer.