Estate planning probate is a legal process that is used to designate beneficiaries whom you want to receive your assets in the event of your death. Estate planning probate usually requires the services of qualified estate planning & probate attorney. They are specialized in estate planning and can help in keeping estate assets from probate.
It is important to ensure that everything you have is transferred to probate unless you have taken steps to avoid the process. Probate is the legal process that is used to validate your Will and ensuring the assets are transferred to the legal heirs.
Law will be regulated by each individual state. Financial assets and personal items can be gifted to anyone you choose. However, in most countries, financial and real estate ownership is automatically transferred to your spouse.
The probate process can be quite long and can be extended for months or even years. According to estate planning experts, the case of estate planning can last for up to three years. During this time the estate is responsible for all costs associated with probate.
Assets held in probate depreciate with time. Adding all the costs associated with probate and estate, assets can be quickly exhausted; leaving little to nothing for the heirs. This can be easily avoided executing Last Will and Testament and building planning will.