Tuesday, February 3, 2009

SIXTH of TEN Hot Estate Planning Topics


SIXTH, everyone wants to avoid probate. However, most people do not know what probate is. Though most people may not be directly involved in the probate process, many are still effected by probate. Probate means to prove the existence and contents of a will. A will is a public document that is filed when a person dies. It is not so much that you should try to avoid probate. It is more important that you understand the nature of your assets and how best to distribute it when you die. There are things that you can do to make the probate process go smoothly. First, be clear and concise in your will. Do not leave things to interpretation. Second, address potential conflicts among beneficiaries up front. If you wish to disinherit someone (other than your spouse) that is your right. State it and tell why, ie. I do not want them to receive any share of my estate. Third, inform the person you named as your Executor that you have named them and provide them with some written instructions to help settle your estate. Fourth, organize your affairs so it is clear what you do own. If you have been leery about the whole probate process, let us know why. We can help!!!

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