Avoiding the Most Costly Mistakes in the Transfer of your Wealth Oct19

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Avoiding the Most Costly Mistakes in the Transfer of your Wealth

Many individuals have the wrong misconception that they can save from the costs of attorney’s fees by doing their own will copied from the forms in the internet. A valid will is certainly required in order for your estate to be disposed properly and the will being a legal document must be done by someone who has the proper knowledge and authority to do so which is Probate Lawyers in Sarasota FL. The term probate has different meanings. Probate can mean you are presenting a will to a court officer for probate or it is the process through which the estate is administered and processed after you die. This is a legal system which assures that the estate will be disposed of in an organized and orderly manner.

There are legal rules in probate which requires a personal representative. If you have a valid will, you can appoint a personal representative to be in charge of the estate in the event of your death but if there is no appointed person for such purpose, the court will determine the legal representative. The probate process differs according to state and it can either be simple or complex depending upon circumstances. In the process, all the assets and properties are inventoried from which all debts will be paid before the remaining assets will be distributed among the legal heirs.

Since you have a pretty good idea on the actual value of your estate, it is important to consult with Probate Lawyers in Sarasota Florida to gain the best advice on how your expressed wishes can be followed and the rightful heirs will benefit from the estate. One of the options to distribute the estate even while you are still well and alive is through estate planning. There are different strategies to handle the estate planning which will depend upon the composition and size of the estate.
Many individuals want to avoid probate not only because of the complex procedures but the time and money that will be involved. With estate planning you can appoint a trustee who will handle the estate while you are still alive. In the event that you succumb to sickness and you become physically disabled, the trustee can utilize the property for your benefit in order that you will gain all the advantages of good medical care. On your death, the trustee will handle the disposition of the estate according to your expressed wishes.

There are other ways with which to avoid probate like joint tenancy but if you put the account in your child’s name in the joint tenancy, chances are he might withdraw all the money and squander it irresponsibly leaving nothing for the family including yourself. This is one of the reasons why you should consult with Probate Lawyers in Sarasota FL who is not emotionally attached to your case and can provide the most concrete solution. Be sure to come up with a good decision with your attorney’s advice while you still have the power to do so.

 

 

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