It is potentially a very complicated legal process, and an attorney should be involved in any estate planning activities.
Using these strategies will help you design your estate to avoid some common challenges of the probate process, saving your heirs times and money in the future:
Probate can last up to a year in many cases; typically this is due to a protracted process of validating the will. Probate is a legal process, so the longer it takes, the more money the attorneys make. Be sure to draw up your will with an attorney and review it annually for anything that needs to be changed.
Except for certain circumstances, assets that avoid probate are still subject to federal estate taxes, including those assets held in living trusts. A good estate tax attorney can guide you through this maze so that probate expenses will impact your family as little as possible.
Having your will prepared properly will eliminate the amount of time your estate spends in the probate process. In the legal world, time is very expensive. You don’t want the attorneys to get your money instead of your heirs.
The unfortunate alternative is that more of your estate will pass to your creditors, various attorneys, and the legal system.
Mr. Abraham is an experienced attorney and founding member of the Law Office of Richard K. Abraham. The Sparks, MD office of the firm concentrates its practice in Estate Planning, Elder Law, Probate, Medical Assistance (Medicaid), Guardianship, Asset Preservation and Fiduciary Representation.
He is an active member in a number of professional organizations that focus on law, the senior community, and estate planning. He works with clients in Central Maryland, especially in Towson, Hunt Valley, Lutherville/Timonium, Parkville, White Marsh, Bel Air & Northern Baltimore City.
Schedule a consultation to help you and your loved ones.