What is Probate ?
Probate is the process whereby a persons property is distributed when they die either with a will or without a will. It means that a close relative of the decedent must go into court for permission to put together or collect all of the assets of the decedent and then get permission to liquidate those assets and divide them up between the deceased person's heirs. Usually the heirs are the spouse and children and other relatives who could be entitled to the assets or a portion of the assets in question. A judge is the ultimate decision maker regarding asset distribution.
The usual and typical assets are a home, condominium, or coop, retirement accounts, other financial accounts, stock and bonds, insurance, and personal property such as jewelry.
Why Stay Away From Probate ?
There are many reasons to stay away from probate most having to do with SAVING MONEY and TIME:
1. The process is public and anyone can look up a case that is in probate Court and learn about the assets that the deceased person has and how and what their instructions were in distributing those assets.
2. Probate takes a very long time frequently longer than one year and as a result the expenses of the property still must be paid which creates financial hardship on the heirs who must pay the bills on the property until it is liquidated or sold and distributed.
3. There are fees to be paid to the court based upon the value of the estate.
4. There are attorneys fees to be paid as a result of this process.
5. Anyone who is or MIGHT be entitled to a portion of the property can file requesting a change in the distribution of the assts.
How Can I be certain to Stay Away From Probate ?
Use appropriate well thought out estate planning strategies such as Trust utilization that will assist you and your family in a whole variety of ways.
Use proper account designation.
CALL 516. 746-0180 to set up a Strategy Session.
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