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Do you want to know whether you will have to undergo Probate now that your loved one has passed and leaves a last will and testament behind? The first question that a good probate attorney will ask you is was there a trust setup as well or just a Will. If there was just a Will the answer is, yes you will have to go through Probate! Please keep in mind the time frame and costs associated with Probate can vary from county to county and state to state as well as the process and laws governing the process. The value of the estate plays a very important role in this. For example, estates with a total asset value under
Most people after hearing the term estate planning think that it is just for the wealthy. People with a huge amount of money are the ones that care about what they pass on to others, don’t you think? While the billionaires and millionaires do have a knack for estate planning, they are not the only one that can benefit for a good estate plan. Yes, you non-billionaire can benefit from planning; you don’t have to be super-rich and successful in order to distribute the possessions that you have. In fact, estate planning has very little to do with being rich. Planning Your Estate When you are going through the process of estate planning, it would mean that you get to
It is a universal truth that no one can escape death, however, no one likes to think about the possibilities of their death and hence avoids planning their estate. On the contrary, it is really very important for you to timely plan your estate, to ensure the security and protection of your family and property if anything happens to you. The basic step towards estate planning is to draft a will and if you haven’t yet thought of doing so then it is the best time to do so. If you already own one, then ensure that you have updated it according to your current wishes. Estate Planning- Also, you must ensure that all your desires are properly documented in
Estate Planning is planning for the future today. It is your ability to take control of future decisions and empower others to assist you with them. It is the ability to choose who will receive your assets when you are no longer around. It is your way to safeguard and plan for your loved ones ahead of time. Everyone needs a plan this is your chance to create yours! In simple language, Estate planning is all about making plans for unforeseen circumstances during life and the transfer of your estate/property/money after your death. You must know that your estate doesn’t just include real estate, it also includes everything you have amassed during life. It can include cash, furniture, clothes, jewelry,
There are three things that every estate planning lawyer will tell you. There is a big awareness gap in American awareness about how to prepare your assets for future generations. Your estate planner is likely to advise you that you should plan to be efficient even with modest resources. This is true as most people with modest means will be unable to pay the prohibitive costs of probate. It is a burden on your family as they are the ones who have to pay the inheritance tax. They end up paying about 3-8% of the value of the estate as taxes. The probate is also a painfully long process. It may take more than a year for the assets to