Wills, Probate & Estate Planning
A little planning now can save your family a lot of time and money later. Call now to schedule a FREE, no obligation phone or in-person consultation!
Estate Planning and Wills Questionnaire
What is probate? What is the cost of probate? How is probate initiated? Is probate time consuming? What happens if I die and have a will? What happens if I die and don't have a will? Are wills only for the wealthy? What is estate planning? Wills -- Trusts -- Healthcare Directives -- Powers of Attorney --
Probate is the legal process of transferring a person's property when he or she dies, with or without a will.
The cost of probate varies dramatically depending on the complexity of the situation. However, in the vast majority of cases, there will be no upfront cost for the probate because the cost will be paid out of the property of the deceased during the probate proceeding.
At the Law Office of Edward R. Shaw, we are happy to provide you with a free, no-obligation cost estimate tailored to your situation.
Probate is initiated by filing a legal action with the court. A Personal Representative, usually a relative, is appointed to distribute the property of the person who has died. There is a formal and informal process for probate. Informal probate can be less time consuming, but formal probate may be advisable or required when there are uncertainties, legal disputes, or complex administrative requirements.
Probate can take a long time because of the rights of interested parties and creditors and the duties imposed on the Personal Representative. The Personal Representative must provide notice to interested parties and creditors. The Personal Representative must also prepare an inventory of the property, make a diligent search for creditors, determine who is entitled to payment or distribution of the property, and make payments and distribute the property according to the law.
Before a probate proceeding is "closed", the Personal Representative must make a final accounting of the property to interested parties, creditors and claimants. Personal Representatives should be careful to avoid personal liability for unpaid claims. Given the time and complexity involved in the probate process, it is wise to seek the advice and representation of an attorney. At the Law Office of Attorney Edward R. Shaw, we will walk you through each step in the process, help ensure that you properly administer and close the probate estate, and help you avoid personal liability for unpaid claims by creditors.
If you have a will, your property will be distributed according to your instructions in the will. If you do not have a will, state law will determine how your property will be distributed. This may not be what you desire and it may create uncertainty for your loved ones.
Wills are not just for the wealthy. No matter how much property you have, it is important to ensure that it is distributed according to your wishes. A will can also save your family a lot of time and money. Everyone should have a will or other estate planning tool and should check it from time to time as family circumstances change; updating may be required.
Estate planning is the process of arranging for the distribution of your property in the event of your death or incapacity. Planning now can save your loved ones time and money later because it helps eliminate uncertainties about the disposal of your property and maximizes the value of your property by reducing costs and taxes. Estate planning also typically addresses your possible future incapacity because of such things as disability and mental illness. This again reduces uncertainty for your family and minimizes costs. Estate planning tools include wills, trusts, healthcare directives, and powers of attorney.
A will is your opportunity to determine who will get your personal belongings and property when you pass away. If you do not have a will, state law determines who gets your property and personal belongings. A will also allows you to indicate what your want for your minor children if you pass away while they are minors.
Unlike wills, a properly created and administered trust avoids the expense, delay, and hassle of probate. Since a trust is not probated, it can remain private. A trust also allows for incapacity planning and can be used to provide for your child or childrens' future needs and medical assistance. A Co-Trustee and Alternative Trustees are appointed to administer the property in the trust in the event of your death or incapacity. If you die or become incapacitated, the administration of the property in the trust automatically passes to the Co-Trustee or Alternative Trustee and this avoids the need for probate of the property.
Healthcare directives ensure that your medical provider knows your wishes regarding medical treatment if you become too ill to communicate or make decisions. This takes the responsibility away from family members, who may be forced to make those tough decisions in an emergency situation, and helps ensure that your wishes regarding your healthcare are known and followed. You can also appoint a Healthcare Power of Attorney to make your health care decisions if you become incapacitated.
There is a Power of Attorney and a durable Power of Attorney. Both forms allow someone else to manage your financial affairs. A durable Power of Attorney allows someone to manage your financial affairs even if you become incapacitated.
Disclaimer - -
We have tried to make this guide helpful for anyone facing probate or planning for their death or incapacity, but the rules in our profession require that we tell you that this guide is not a substitute for an attorney or professional legal advice. Every individual situation is different and how the rules in this guide will apply to your situation may vary. You should receive competent legal advice from our office before making any legal decisions.
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