THE CORNERSTONES OF ESTATE PLANNING
Common Questions What is Probate and Why is it Something to Avoid?
Probate is the legal process through which a court oversees the distribution of a deceased person’s assets to their beneficiaries and settles their debts. During probate, the court validates the deceased person’s will, appoints an executor to manage the estate, identifies and values assets, pays off debts and taxes, and ultimately distributes the remaining assets to the heirs.
Probate is something to avoid for several reasons:
TIME-CONSUMING Probate can be a lengthy process, often taking several months or even years to complete. During this time, beneficiaries may face delays in receiving their inheritances, potentially causing financial strain and frustration. COSTLY Probate can be expensive, with court fees, attorney fees, and other administrative costs eating into the estate’s assets and reducing the amount available for beneficiaries.
7 Your Guide to Tax & Estate Strategies
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