![]() ![]() During part of this time, assets are usually frozen so an accurate inventory can be taken. It takes time, usually nine months to two years, but often longer.These costs can vary widely it would be a good idea to find out what they are now. ![]() If you own property in other states, your family could face multiple probates, each one according to the laws in that state. Legal fees, executor fees, and other costs must be paid before your assets can be fully distributed to your heirs. If you don't have a valid will, your assets are distributed according to state law. ![]() Probate is the legal process through which the court sees that, when you die, your debts are paid and your assets are distributed according to your will. It avoids probate and lets you keep control of your assets while you are living-even if you become incapacitated-and after you die. So the court could easily take control of your assets before you die-a concern of millions of older Americans and their families.įortunately, there is a simple and proven alternative to a will-the revocable living trust. A will must be validated by the probate court before it can be enforced.Īlso, because a will can only go into effect after you die, it provides no protection if you become physically or mentally incapacitated. That's primarily because a will does not avoid probate when you die. Why would I want a living trust?Ĭontrary to what you've probably heard, a will may not be the best plan for you and your family. ![]()
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