Hollywood’s depiction of Estate Administration leaves the impression that a last will is something that is read by an attorney and then the assets are handed out to the family members after a relative passes away. In reality, when you use a last will to express your final wishes your estate is going to have to pass through a process called probate
Probate Avoidance: Is It Right For You? Hollywood’s depiction of Estate Administration leaves the impression that a last will is something that is read by an attorney and then the assets are handed out to the family members after a relative passes away. In reality, when you use a last will to express your final wishes your estate is going to have to pass through a process called probate. During this period of time the probate court will examine the will and supervise the administration of the estate. Probate provides a certain level of transparency as the executor or personal representative goes about business on behalf of the estate. This is positive, but at the same time there are some aspects of probate that can make you consider employing strategies that avoid probate. One of these is the fact that probate stands in the way of the quick and efficient distribution of assets to your heirs. Depending on the complexity of the matter in question, the caseload in the relevant jurisdiction, and whether or not all interested parties are seeing eye to eye it can take anywhere from several months to several years for an estate to be probated. Until the court closes the estate no bequests will be issued to the heirs. Aside from the time involved there are expenses that go along with the probate process. Once again, depending on the size and scope of the estate and the complexities involved the exact cost is going to vary. But it is not uncommon for the value of an estate to be reduced by as much as 5% and sometimes even more as it passes through the probate process. There are a number of ways to avoid probate, and one of them would be through the creation of a revocable living trust. This is a very popular option and it can be useful even for people who do not consider themselves to be wealthy. If you're interested in exploring the options that are available to you beyond the creation of a last will, don't hesitate to pick up the phone and arrange for a consultation with a licensed and experienced estate planning attorney. Experienced estate planning attorneys Reno NV of the Anderson Dorn & Rader Ltd offers estate planning and business planning resources to residents of Reno NV. To learn more about these free resources, please visit http://www.probatebusters.com today.
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