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 cases. 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.
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