You may think that estate planning is only for the very rich, but this could not be further from the truth. If you have any assets that you would like to pass on to your family or loved ones, then you need to plan for this. Even if you want your assets to be donated to certain charities, you need to make sure that you plan for this in advance. The following are a few reasons for this.
Writing your own will may not be enough
First of all, even if you have a will, it does not mean that it will suffice in court. Your will may not be known to enough people, where it is or who is the executor. If you want a will, it is best drawn up by an attorney. It will be drafted in accordance with the law, and for this reason alone, it will likely stand up to any challenge from people who were left out of your will, or who don’t think they got what they deserved.
The expense of probate hurts your heirs
Once you have passed on, your assets will go through a probate court. This is a process where a judge makes sure that all outstanding taxes and liabilities are satisfied before the proceeds can be distributed to your heirs. The problem with probate is that it costs money. The court system is not free. Whoever the executor of your will is, he or she may need to hire a probate attorney to navigate through all of the issues involving probate court. This adds to the cost of distributing your assets and means less money to your heirs. There is also the problem of time. Probate court takes time to process your estate, and this means a long delay in transferring your assets to your heirs.
One way to get around these problems is to hire an estate planning lawyer hernando county fl. They can help set up a living trust. This is a fund that you transfer assets to. Upon your death, a trustee makes sure all liabilities are taken care of and distributes the assets to you heirs. Probate court is thereby avoided.