ARE YOU LEAVING YOUR LOVED ONES
WITH A PLAN?
Creating a will may seem like something that isn't needed until you are further into retirement. However, that couldn't be further from the truth. Your spouse and children could face unanswered questions about what to do with your assets should you neglect to create a will.
Let's consider what happens if you pass without a will in place. Your family will first have to deal with your passing. During this time, they will need to figure out where your accounts are and if they can access them. Without a will, your assets will remain in your name and will need to go through probate court.
The probate process can easily string out over months and years. Some accounts may take a lot of work to find, or your family may have trouble accessing them.
What Is Probate Court?
Probate is a court process that occurs when someone passes without a will. The probate court will attempt to transfer the assets to the rightful beneficiaries. The court will resolve any disputes, appraise the assets and ensure any debt gets paid.
Probate can be expensive as there are fees associated with probate, including attorney and executor fees, bond fees, appraisal fees and publication fees.
Probate is time-consuming and inconvenient. Instead of allowing your family to go through probate, it's best to avoid it altogether.
How To Avoid Probate Court
If you don't want to put your family through this process, set up a will. It costs less than probate court and takes up only a fraction of the time. A will allows you to call the shots as you see fit. It doesn't leave your family in chaos and may soften the blow, even a little, of your passing.
Planning for the inevitable may not sound appealing, but it does provide a way for you to keep your family protected and ensure the correct people inherit any assets as you see fit. Remove the burden of sorting out your accounts and assets and plan for your family's future.
If you need help creating a will or aren't sure how to plan for your family's financial future, contact the office. We look forward to helping you.
This communication is designed to provide accurate and authoritative information on the subjects covered. It is not however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.