Probate & Asset Retention by KobrickLawNY

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One of the primary reasons why it is advisable to retain the services of an experienced estate planning attorney rather than trying to piece a plan together on your own is the matter of asset retention

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									Probate & Asset Retention

One of the primary reasons why it is advisable to retain the services of an experienced estate planning
attorney rather than trying to piece a plan together on your own is the matter of asset retention. The
objective is to pass along the contents of your estate to your heirs quickly and efficiently without
incurring a lot of expense while doing so. If you just record your wishes in a will and leave it at that,
your estate will have to go through probate. This is the legal process by which the estate is
administered, involving the surrogate court in the county within which you reside. The process of
probate involves determining the validity of your will, informing and satisfying creditors, paying taxes,
and ultimately, distributing the assets in accordance with the terms of your will.

The problem with probate, aside from the fact that it takes months to run its course, is that it eats away
at your assets. One has to pay a fee to the surrogate court itself for starters, and there are going to be
legal expenses. An executor or personal representative will either have been named by you or appointed
by the court to physically handle the administration of the estate, and this person is entitled to a fee. Tax
matters may require an accountant, and property appraisals may be necessary. When it is all said and
done, the process of probate can wind up costing the estate as much as perhaps 7% of its total value.

So when you are looking for ways to retain the value of the assets that you are passing along to your
heirs, avoiding probate is at or near the top of the list for many people. Whether or not it is the best
course of action for you depends on the size, scope, and overall complexity of your estate.

Experienced estate planning attorneys Garden City NY of the Law Offices of Saul Kobrick P.C. offers
estate planning and business planning resources to residents of Garden City NY. To learn more about
these free resources, please visit http://www.kobricklaw.com today.

								
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