It would be logical to presume that you can leave behind funds to your liked ones without losing loan at the same time. Nevertheless if you do not plan your estate thoroughly your legacy may well be eroded as it is being handed down to your heirs. One source of asset erosion is probate.
If you use a last Will to state your last dreams the contents of the document will not simply be checked out by your household members. The Will must be deemed valid by the court of probate, and if it is in truth a valid last Will, the court will monitor the administration of the estate. The actual tasks associated with administering the estate are handled by the executor or individual representative.
There are expenditures that accompany probate and they begin with a charge that is enforced by the court itself. The administrator is entitled to payment for his or her time and effort. A probate attorney will be needed and the administrator might need to generate an accountant to manage last taxes and other matters.
The need for appraisers and liquidators can occur too. By the time all is stated and done, probate expenditures can trim the value of your estate by as much as 10% and perhaps more in complicated cases.
With the above in mind you may wish to check out options that enable the transfer of possessions beyond the procedure of probate. To do so simply reach out and established an appointment to talk to a licensed and experienced Nassau County estate planning legal representative.