Estate administration is something that people sometimes overlook, but it is an important part of the estate planning process.
There is a human element, and there can be court involvement under some circumstances.
The Probate Process
You may assume that a last will is the most efficient and effective asset transfer vehicle. In fact, if you state your final wishes in a last will, the heirs do not receive their inheritances in a timely manner. Before inheritances can be distributed, the will must be probated.
The executor that is named in the last will must admit the will to probate. During probate, the Surrogate’s Court supervises the administration of the estate.
One thing that can be disconcerting about probate is the fact that it is a public proceeding. You may not want everyone to know how you decided to distribute your resources, but probate records can in fact be accessed by the general public.
Anyone who is interested can find out how you planned your estate, and this can create acrimony among extended family members and associates.
Cost is another factor. There are a number of different expenses that typically accumulate during probate, and they can be considerable.
Probate provides an open window of opportunity for anyone who may want to challenge your estate, and this is another thing to take into consideration.
Lastly, probate is time-consuming. Even if everything goes smoothly, it will take nine months to a year for an estate to be probated, and the inheritors must wait out the process empty-handed.
Download Our Report on Probate
We have provided a bit of basic information in this blog post. If you would like to learn more about the probate process and some of the drawbacks that go along with it, download our special report.
This report will provide you with a great deal of very useful information, and it is being offered free of charge at the present time.
To download your copy of the special report, click this link and follow the simple instructions: Free Report on Probate.
Schedule a Consultation
If you have concerns, there are a number of different ways that you can facilitate asset transfers outside of the process of probate. Our firm offers free consultations, and we would be glad to answer your questions and explain your options to you.
To request an appointment, send us a message through our contact page: Smithtown NY Estate Planning Attorneys.
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We regularly contribute content on the Forbes website. Click this link to learn how you can protect your family from financial predators: Forbes Contributor Mark Eghrari.
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