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.
- Preparing for Coronavirus - March 10, 2020
- Incapacity Planning - December 20, 2018
- Special Accounts for People with Special Needs - December 17, 2018
