For Some, Probate Avoidance Holds Appeal by KobrickLawNY


More Info
									For Some, Probate Avoidance Holds Appeal

Probate is the legal process that your estate must pass through when you use a will to
elucidate your wishes with regard to the distribution of your assets after your death.
During this phase the probate or surrogate court that is local to you will examine the will
to determine its validity and ultimately supervise the administration of your estate. The
actual legwork will be done in a hands-on manner by the executor or personal
representative. If anyone wanted to challenge the will they would present their
arguments before the probate court.

This sounds fair enough, but the fact is that most people do not want their wishes to be
challenged. If you had a family member or other interested party who was not happy
with the way that you decided to distribute your assets this individual could hold up the
matter in probate for an extended period of time. During this interim your loved ones
will not receive their inheritances, and this type of court battle can get costly. So
eliminating this possibility is one of the reasons why people choose to avoid probate.

Another reason is the fact that probate carries significant expenses along with it. The
probate court charges a fee, and there are attorney fees, executor fees, accountant
expenses, appraisal fees, and liquidation costs. Depending on the extent of your assets
and the complexity of their disposition these costs can swallow up a significant
percentage of your legacy.

In addition to the open forum for challenges and the expenses that are part of probate, it
can also be time-consuming. Depending on the specific jurisdiction within which you
reside and whether or not there are any challenges it can take anywhere from perhaps
nine months to multiple years for the process to run its course. And of course your
family members will not receive their bequests until the estate has been closed.

So there you have a brief look at some of the reasons why people choose to avoid
probate. To learn more, simply arrange for an initial consultation with an experienced
New York estate planning attorney who will explain your options to you and make
recommendations that are in line with your wishes.

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 today.

To top