A Last Will Can Lead To Asset Erosion by KobrickLawNY


More Info
									A Last Will Can Lead To Asset Erosion

It would be logical to assume that you can leave behind financial resources to your loved ones without
losing money in the process. However, if you do not plan your estate carefully your legacy may well be
eroded as it is being passed on to your heirs. One source of asset erosion is probate.

If you use a last Will to state your final wishes the contents of the document will not just be read by
your family members. The Will must be deemed valid by the probate court, and if it is in fact a valid
last Will, the court will supervise the administration of the estate. The actual tasks involved in
administering the estate are handled by the executor or personal representative.

There are expenses that go along with probate and they start with a charge that is imposed by the court
itself. The executor is entitled to payment for his or her time and effort. A probate attorney will be
necessary and the executor may have to bring in an accountant to handle final taxes and other matters.

The need for appraisers and liquidators can arise as well. By the time all is said and done, probate
expenses can trim down the value of your estate by as much as 10% and perhaps more in complicated

With the above in mind you may want to explore options that allow for the transfer of assets outside of
the process of probate. To do so simply reach out and set up an appointment to speak with a licensed
and experienced Nassau County estate planning lawyer.

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.

To top