One of the things that is important to recognize when you are planning your estate is the fact that there are multiple different options available to you when it comes to transferring assets to your loved ones. Many people think that estate planning equals drawing up a last will unless you are very wealthy, but this is really not the case. A lot of people are opting for revocable living trusts these days and they certainly hold some appeal. But if you are indeed going to use a last will as your primary vehicle of asset transfer it is important to understand the fact that your estate will be passing through the process of probate.
During this interim the probate or surrogate court will examine the will to attest to its validity. At this time any interested parties could step forward to challenge the will and their arguments would be heard before the court. This is something to keep in mind when you are drawing up your last will.
It is not going to be read in the privacy of your home after your passing with all of your family members necessarily nodding in concurrence and subsequently cooperating to carry out your wishes without question. This is of course one of the reasons why it is always going to be advisable to work with an estate planning attorney when you are drawing up your last will.
In addition, the probate laws are somewhat different in every state, so when you see these generic template documents being offered on the Internet you have to understand that they are not specific to any particular jurisdiction. In the end, the transfer of your assets to your loved ones after your passing is a matter of great profundity. It is not something to be gambled with in an effort to save a few pennies. Most would agree that the only responsible course of action when you are planning for the future is to do so with the representation of an experienced estate planning attorney.
- The Not-So Transparent Corporate Transparency Act - May 30, 2023
- How Tax and Non-Tax Considerations Impact Estate Planning – Part II - May 25, 2023
- How Tax and Non-Tax Considerations Impact Estate Planning – Part I - May 18, 2023
