VIEWS: 21 PAGES: 1 CATEGORY: Legal POSTED ON: 8/16/2011
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.
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 http://www.kobricklaw.com today.
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