A will is the court process that your inheritance will go through after you die. The probate court will distribute your estate and make decisions about your estate.
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Many of our clients come to us with no understanding of wills or have had bad experiences with probate courts and wish to retain their estate from a will.
If you die without a written estate plan, your estate must go through a probate test before your money can be distributed to your heirs. Where will your money go? It will follow your state’s intestation law.
If you die by will, your property will also go through the will.
The only way to avoid a will is to own a trust and fully fund your trust. This means you must put all your assets into your trust for the rest of your life.
While a probate will make decisions and divide up your assets, many people want to avoid probate because it can be time consuming years to complete And attorney’s fees and court fees can take a sizeable chunk of your estate.
validation process too publicwhich means anyone can see your assets and your decisions are set in your will.
We help our clients see all their options regarding their housing plans. Due to issues related to wills, many of our clients choose to utilize a Living Trust for their estate plans.
If you have questions about which housing plan is the right choice for you and your family, contact us today.
We can walk you through the differences between state laws, wills, and trusts.
Contact us today to help you get the right paperwork or to update your current property package. We will plan so you don’t have to worry about your future.
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The post What is Probate? first appeared in Rickard & Associates.