It would be sensible to presume that you can leave behind funds to your loved ones without losing money while doing so. If you do not plan your estate carefully your legacy may well be deteriorated as it is being passed on to your successors. One source of property erosion is probate.
If you utilize a last Will to state your last dreams the contents of the file will not simply read by your household members. The Will should be deemed valid by the court of probate, and if it remains in fact a valid last Will, the court will supervise the administration of the estate. The real tasks included in administering the estate are handled by the executor or personal representative.
There are expenditures that accompany probate and they start with a charge that is enforced by the court itself. The administrator is entitled to payment for his/her time and effort. A probate attorney will be essential and the executor may have to bring in an accounting professional to manage final taxes and other matters.
The requirement for appraisers and liquidators can arise. By the time all is stated and done, probate costs can trim down the worth of your estate by as much as 10% and perhaps more in complex cases.
With the above in mind you may desire to explore options that permit the transfer of possessions beyond the procedure of probate. To do so merely reach out and established an appointment to speak to a certified and skilled Nassau County estate planning lawyer.