A lot of people are not aware of all of the costs that may impact their legacies when they are doing their planning. With this in mind let’s take a glance at Probate costs.
If you use a last Will to direct the transfer of assets to your loved ones, your estate has to go through a legal process that is called Probate. During this time any parties who had business with the estate could come forward seeking satisfaction, and if anybody wanted to challenge the Will they could do so before the Probate court.
Once these things are settled, the executor or personal representative prepares assets for transfer to the rightful heirs to the estate.
There are expenses involved in all of this. They start with court costs and the executor’s remuneration. The executor may have to retain a probate lawyer, and since final taxes will probably be an issue, a tax accountant is often necessary.
Sometimes property needs to be liquidated, and this can require the services of an appraiser and a liquidation company. All this can add up to diminish the value of your estate by a considerable percentage.
This is one of the reasons why people often choose to arrange for the transfer of assets outside of the probate process. There are a number of ways of doing this, and if you would like to explore your options, the wise course of action would be to sit down and discuss the matter with an Ashland or Northern Kentucky Estate Planning lawyer.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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