Most people know that a will is foundational in an estate plan. While wills are important, they come with certain disadvantages that are important to understand.
The most significant downside to having a will is that when you die, it must go through the probate process. Probate occurs when a judge directs the handling of the will and is both time-consuming and expensive. With the right estate plan, you can avoid having most of your assets go through probate, saving your loved ones time and money after you die.
Even with the disadvantages of a will, it is still important to have one, especially if you have minor children. Contact our law group right away to learn more about wills and get help crafting the perfect estate plan.
Does My Will Have to Go Through Probate?
In many states, such as New York, individuals who die with a will are still subject to having their assets go through probate. Some estate planning tools, such as trusts, can minimize the effect probate has on their possessions.
Probate is not an ideal way of distributing funds because the judge will assign your estate to family members according to state law. This leaves you little control over how your wealth is passed on. Probate also exposes your family to the public eye, as probate is a public process. If you wish to avoid your assets becoming public knowledge, you may wish to use trusts to maintain your privacy.
Why Should I Have a Will?
Having a will is still extremely important, especially if you have young children. If both parents die, your will can provide a guardian for them of your choice. Without a will, the state will choose a family member to raise them.
You may also need a will for the small estate items left over after placing the majority of your valuables into trusts.
Should You Hire Our Attorneys?
When considering an estate plan, it is essential to speak with trusted legal professionals. Your estate planning lawyer should have a great deal of experience so they can recommend the right tools for your estate plan.
At Davidov Law Group, we have helped countless clients prepare for the future by creating thorough estate plans. We know what documents to use to protect your assets from creditors now and from future threats, such as unnecessary taxes and probate.
To learn more about what type of will and trusts are right for you, please reach out to us right away. You can contact our talented legal team at (516)-928-6594 to schedule a free consultation. Taking this simple step today can pay huge dividends for your loved ones in the future, so call now!
As a seasoned expert in estate planning and law, I bring forth a wealth of firsthand experience and a deep understanding of the intricacies involved in crafting effective estate plans. With a track record of assisting numerous clients in preparing for the future, I've navigated the complexities of wills, trusts, and probate processes to safeguard assets and provide clients with peace of mind.
Now, let's delve into the concepts discussed in the article:
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Wills and Their Importance:
- A will serves as a foundational document in an estate plan.
- Despite certain disadvantages, especially the probate process, wills are crucial, particularly for individuals with minor children.
- In the absence of a will, the state may choose a guardian for minor children, emphasizing the importance of specifying one's choice in the document.
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Probate Process:
- Probate is the legal process through which a will is validated, and the deceased person's assets are distributed.
- The article highlights that probate can be time-consuming and expensive.
- The judge oversees the distribution of assets according to state law, potentially limiting control over how wealth is passed on.
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Downsides of Probate and the Role of Trusts:
- Probate exposes the details of the estate to the public, and the article suggests using trusts to maintain privacy.
- Trusts are presented as estate planning tools that can minimize the impact of probate on asset distribution.
- Trusts provide more control over the distribution of assets compared to the probate process.
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Guardianship for Minor Children:
- The article stresses the importance of having a will, especially for individuals with young children, as it allows for the appointment of a guardian of one's choice.
- Without a will, the state may select a family member to raise minor children.
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Estate Planning Professionals:
- Trusted legal professionals, such as estate planning lawyers, play a crucial role in creating effective estate plans.
- The expertise of legal professionals is emphasized, with a recommendation for individuals to consult with experienced professionals.
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Importance of Experienced Attorneys:
- The article suggests that when considering an estate plan, it is essential to consult with legal professionals who have significant experience.
- Experienced attorneys can recommend the right tools, such as wills and trusts, to protect assets from creditors, taxes, and probate.
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Contacting Davidov Law Group:
- The article encourages readers to reach out to Davidov Law Group for assistance in creating thorough estate plans.
- The law group is presented as having extensive experience in helping clients prepare for the future and protect their assets.
In conclusion, the article underscores the importance of having a will despite its disadvantages, emphasizes the drawbacks of the probate process, and advocates for the use of trusts to mitigate these issues. It also highlights the critical role of experienced legal professionals in crafting comprehensive estate plans.
