Approval & your legacy
The approval process has always been something to consider when you are involved in estate planning, and there are two sides to what to consider. On the one hand, if you pass along your assets with a will as your primary tool for capital transfer your heirs get the transparency and monitoring, a protection which provides successions. On the other hand, there are pitfalls that accompany the process.
First, approval may take some time to run its course, no matter where your estate is maybe nine months to several years depending on how complicated and whether the will is contested.
Many people prefer to get active in the hands of their heirs in a very simple, effective way and in convenient time by the means of the implementation of the successions strategies of avoidance. These include things like revocable living trusts, pay on death accounts and joint leases.
The other main reasons why people often choose to avoid probate are due to the expense involved. There are costs of Probate Court and the executor or personal representative of the estate is entitled to a fee. The executor has many responsibilities, he or she will certainly win fees, but there are cases where the executor is a family member or a personal friend of the deceased who chooses not to accept the payment. Additional costs include fees, attorney’s approval and are licensed accountant, liquidation fees and appraisal fees.
As you can see the probate fees are considerable, but these are all issues that must be supported if the costs are not trivial at all. And certification strategies such as the creation of a trust are not free either. The best course of action when you try to weigh the pros and cons of inheritance should be discussed with your attorney who will advise you based on the specifics of your estate and the exact nature of your estate planning needs.