Hiring an estate planning attorney is necessary when individuals want to keep inheritance assets out of probate. Probate is a legal requirement in all 50 states and is used to validate wills, determine rightful heirs, settle outstanding debts, and distribute inheritance property to designated beneficiaries.
Numerous strategies exist to avoid probate. The most common include establishing irrevocable life insurance trusts, living trusts, and designation of transfer on death and payable on death beneficiaries.
On average, the probate process takes six to nine months to settle. When decedents die intestate (without a will) probate usually takes between nine months to one year to complete. Much depends on the estate value, court caseload, and family dynamics.
Working with estate planning lawyers is particularly important when family strife exists. Sadly, death can bring out the worst in people. Anger, greed and envy can drive heirs who feel slighted to contest the will and prolong probate for months or years.
If heirs contest the Will, the estate is responsible for defense legal fees. If the judge rules in favor of the Plaintiff, the estate is oftentimes responsible for restitution of their legal fees as well. This can create a heavy financial burden and potentially bankrupt the estate.
Retaining the services of a qualified estate planning attorney can lessen the potential for family feuds and contesting the will. Often, decedents appoint a family member to the position of estate administrator. This can place a target on their back if siblings don’t agree with the decision. Having a neutral third party manage the estate can squelch potential eruptions and expedite the probate process.
At minimum, estate planning should include a Last Will and Testament, Power of Attorney, and Healthcare Proxy. Guardianship for minor children is established through the last will. Individuals with assets valued over $100,000 should consider establishing a trust.
Multiple types of trusts exist and each offers advantages and disadvantages. Estate planners can explain which type of trust will best suit each individual’s needs.
It is best to engage in estate planning while in good health. Individuals who procrastinate until they are diagnosed with terminal illness or transferred to a nursing home run the risk of heirs contesting the Will. Heirs can claim the decedent was not of sound mind because of their illness.
Many estate planning lawyers provide complimentary consultations to discuss available services and fees. Ask friends or family for referrals or locate estate planning attorneys though phone directories, lawyer referral networks, or the American Bar Association at abanet.org.
Simon Volkov is a real estate investor who specializes in estate liquidation and probate real estate. His website offers hundreds of articles about probate, hiring an estate planning attorney, wills and trusts, and estate planning information. Simon buys probated houses and inheritance assets, and provides cash for inheritance advances to individuals who qualify. Learn more about selling inheritance assets held in probate by visiting http://www.SimonVolkov.com.
