If you do not have an estate plan in place, whoever your beneficiaries are must go through the Probate Court (possibly multiple ones) in order to transfer the assets from your name to their name. While going through this process the state will decide who is entitled to receive what. This is known as passing away intestate or without a Will.

Typically, people need to hire an attorney to assist with the Probate process. Even with an attorney, probating an estate can take anywhere from 6-18 months depending on the assets involved. The fees for probate typically range from 5%-10% of the total value of the assets in the estate. Additionally, probate filings are public record so anyone can see who your beneficiaries are and what assets they are receiving. This process is very cumbersome and can easily be avoided. However, roughly 70% of people pass with no planning in place.

No, a Will is simply instructions for the Probate Court. This means that if you have an estate plan that only includes a Last Will and Testament you are likely to still incur the issues that are stated above. This does not mean, however, that you must have a trust Plan in place. We are experts at guiding you through the planning process and finding ways help you avoid the Probate process.

While every situation is unique the short answer is yes, the Probate process can be avoided with proper planning and the correct documents in place before the inevitability of death reaches us. Depending on the types of assets involved there are different options available to help you avoid probate. That is why it is important to meet with an Estate Planning Lawyer early to make sure you are on the right path during the second half of life.

A trust is a separate legal entity that can hold property and other assets on behalf of a beneficiary. This is a great way to pass down ownership of assets in a simple, easy way and avoid probate. Instead of having to transfer the assets from one person’s name to another our clients usually have a succession plan inside their trust. There are a few different kinds of trusts that you can set up for your assets. This is why you should book a call to discuss the various options you have and the benefits of each. This way, you can make the best decision for your individual circumstances

No, although a common misconception we often hear from clients. Elder and Estate planning are important parts of planing fo your future and financial health, regardless of your income. If you own assets such as property, have a spouse or someone who depends on you, it is the responsible and caring thing to do for yourself and the people you love.