Creating a comprehensive estate plan typically involves goals that reach beyond the simple division of your assets upon your death. Probate avoidance, for example, is a common goal of estate planning. Understanding the drawbacks of probate will help you understand why you may wish to include probate avoidance in your estate plan. Probate is the legal process that follows an individual's death. The purpose of probate is twofold-to account for and value the decedents estate property and to … [Read more...] about What Are the Drawbacks of Probate?
When a person dies, his or her estate must go through the legal process known as probate. The primary purposes of the probate process is to ensure that all of the decedent’s assets are accounted for and valued, all debts of the decedent paid, and all remaining assets transferred to the named beneficiary or legally determined heirs of the estate. A Texas probate can incur some significant costs which is one reason why people frequently incorporate probate avoidance strategies in their overall … [Read more...] about Common Costs Involved in a Texas Probate
While the primary goal of any estate plan is to determine who will receive your estate assets when you die, there are usually a number of secondary considerations that go into creating any estate plan. One of those goals is usually the avoidance of probate. Probate is the legal process that most estates must go through when someone dies. During the probate process, your estate assets will be inventoried and valued, your estate and personal bills will be paid, and eventually the remaining assets … [Read more...] about Probate – Why Your Estate Plan Should Avoid It