Estate Planning as a Career

Dispersing inheritance property can be a complex and complicated process. There is paperwork to file, taxes to pay and occasional family disputes to contend with. Matters can become even more complicated if a person dies without leaving a Last Will and Testament. The decedent’s estate can be tied up in probate court for quite some time, leaving heirs responsible for upkeep on real estate property, outstanding debts and taxes. Not to mention attorney fees and court costs.

Even if inheritance property is listed in a Will, it must still go through the probate process in order to ensure its validity. If no one contests the Will, inheritance property is usually tied up in the Probate Court system for a minimum of six months. During this time a Probate Judge reviews the decedent’s estate, notifies beneficiaries and verifies assets. If there are outstanding debts, creditor or tax liens associated with the estate, they must be paid prior to disbursement of inheritance property.

The best way to prevent your loved ones from having to jump through hoops to obtain the inheritance property you wish to leave them is to setup a Revocable Living Trust and execute a Last Will and Testament. Property transferred to a living trust is exempt from the probate process and can quickly be distributed upon your death.

Unfortunately, the vast majority of people procrastinate when it comes to preparing for death. While it’s understandable that people don’t want to think about dying, it’s important to realize the unnecessary burdens lack of planning places on loved ones.

If you do not designate who you want your assets transferred to, the probate judge will make the decision for you. Unless you have a family who gets along no matter what, chances are high that family feuds will erupt over who should receive your property. A revocable living trust can eli (more…)