Estate planning is the process that ensures your financial and personal matters are secure should you pass away or no longer have the mental capacity to do things. It’s vital you set up and ratify a will to ensure the fair distribution of assets to your beneficiaries when you’ve died. You also should set up a trust, so your children have money to look forward to in the long term.
If something happens to you before you make a will and estate plan, that can be extremely troublesome for your family, who are already distressed that you’re no longer with them. They don’t need additional burdens to take on their shoulders.
Avoid Probate Court at All Costs
Failure to write a last will and testament leaves your assets in limbo and exposes your family to the strenuous, stressful process of probate court.
Probate court specially handles wills, estates, and guardianships. In probate court, they are tasked with ruling on the authenticity of your will and other documents whenever the will is being contested. Furthermore, they rule whether the will was signed by someone who was mentally stable at the time, gauging whether the person inked it under their free will.
The court then decides who receives your asset based on will instructions or local laws. With no will in place, the court usually shifts assets to the deceased person’s next of kin. When you’re wondering ‘how do I plan my estate,’ don’t think twice.
Why Should You Avoid It?
The time probate takes depends on the extent of the deceased person’s assets as well as complexities regarding their will, among other potential factors. In many cases, probate takes years to complete. The average time for probate is around nine months.
The wait can be excruciating, and the decision the court takes at the end can cause headaches. Even worse, you could lose assets to the states, and those assets can also become tax casualties. Everything you’ve worked for shouldn’t go to waste like that. You should secure them at all costs.