VIEWS: 16 PAGES: 1 CATEGORY: Legal POSTED ON: 7/26/2012
One of the reasons why some people choose alternatives to a last will when they are arranging for the eventual transfer of assets to their heirs is because they want to avoid probate.
Probate Can Be Troublesome One of the reasons why some people choose alternatives to a last will when they are arranging for the eventual transfer of assets to their heirs is because they want to avoid probate. What is probate you ask? Probate is a legal process that takes place under the supervision of the probate court. During this process the court determines the validity of the will, and it would be this court who would hear the arguments of disgruntled individuals who may feel as though the will is not valid. Creditors and claimants could step forward during this process as well, and this includes tax collectors. Once the will has been deemed valid and any outstanding debts or claims that may exist have been settled the executor or personal representative prepares the assets for distribution to the heirs. This can include appraisals, liquidations, etc. Exactly how long all this will take will depend on the specific jurisdiction in question and the relative complexity of the case. Sometimes probate will take a few months; other times an estate could be held up in probate for a number of years. In addition to the time involved probate can also be expensive, with professional fees, court costs, and the executor's remuneration adding up to consume perhaps 5% or more of the total value of the estate. Should the above sound a bit troublesome, there are ways to arrange for the transfer of assets to your heirs outside of probate. If you would like to discuss probate avoidance strategies with an expert, simply take a moment to pick up the phone to set up an appointment with a good Cleveland OH estate planning lawyer. Experienced estate planning attorneys Cleveland OH of The O'Brien Law Firm LLC offers estate planning and business planning resources to residents of Cleveland OH. To learn more about these free resources, please visit www.obrienlaw.net/ today.
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