If you want to get the maximum amount of money into the hands of your loved ones after you pass away,  you need to consider the asset erosion that can take place during the probate process.

Your estate is going to have to be probated if you use a last will to direct the distribution of your resources to your heirs. Probate provides an opportunity for disgruntled parties to challenge your wishes, and it is also set up to allow for creditors and claimants to step forward seeking satisfaction.

In addition to this, your executor is going to have to inventory and subsequently prepare your assets for distribution to the heirs during probate. There are legal intricacies involved so a probate lawyer is going to be necessary. The probate court is going to impose court costs. An accountant may well be necessary to pay final taxes. Appraisers may be called upon, and an estate liquidation company is often brought in.

All the above can add up considerably. It is not entirely uncommon for probate expenses to reduce the overall value of an estate by as much as 10%, and perhaps even more in complicated case.

Avoiding probate expenses is one of the motivations that people have for using an alternative vehicle of asset transfer such as a revocable living trust. Should you be interested in exploring this option, don’t hesitate to pick up the phone right now to arrange for a consultation with a good Charleston SC probate lawyer.

Kuhn & Kuhn Law Firm is a member of the American Academy of Estate Planning Attorneys.

The most common vehicle of asset transfer in the field of estate planning is the last will, but it is important to understand that you do have other options. Why would someone want to seek an alternative to a last will? Depending on the exact nature of your assets and the specificity of your wishes there could be a number of reasons. But for most people probate avoidance would be the motivation for seeking another way to transfer assets to your loved ones.

So this brings up the question of why someone would want to avoid probate. There are three primary pitfalls to probate that cause many people to avoid it. For one thing, probate can be very time-consuming. Depending on the complexity of the estate, the jurisdiction, and the caseload at any given time it can take anywhere from perhaps nine months to multiple years for the process of probate to run its course. The heirs to the estate do not receive their inheritances until the estate has been probated and closed, and many people don’t want to see their family members waiting this long to receive their bequests.

Secondly, there are considerable expenses that go along with the probate process. The court itself charges a fee, and the executor is entitled to remuneration for his or her time and expertise. In addition, the executor is usually going to have to bring in a probate attorney, and in many cases a tax accountant, an appraiser or appraisers, and an estate liquidation company may be necessary as well. Of course all of these entities charge a fee for their services.

And finally, probate is a public proceeding and many people would prefer that their final affairs remain private. In addition, it provides a forum within which disgruntled parties could contest your will, and many people would prefer to keep this avenue closed.

To learn more about probate avoidance and the specific strategies that can be employed, the wise course of action would be to arrange for a consultation with an experienced estate planning attorney. He or she will listen as you explain your wishes, examine your circumstances, and make the appropriate recommendations.

Kuhn & Kuhn Law Firm is a member of the American Academy of Estate Planning Attorneys.