If a person has a fairly sizable estate, upon their death it could be subject to a great deal of legal processes before any inheritance can be doled out. Fortunately, when a person is looking to make this process a bit easier for the people, they leave behind, hiring legal services like what a person may find at the Wegmann Law Firm makes a great deal of sense. Among the many different practice areas that this law firm offers, one that can be especially important in these situations is estate planning.
One of the worst things that can happen to an estate that has a high value, when it comes to assets or capital, is the probate process. For the estates that have no alternative plans in place, the probate process is where a person’s estate goes into a legal process. The estate is valued by the courts and any debt that the decedent holds is paid off. In addition, any taxes that are due will be taken care of as well. This doesn’t sound like a big deal, but the probate process is complicated and slow. Until the probate process is finished, a person’s desires for their assets in terms of inheritance is on hold.
In addition, the probate process is not only slow; it’s costly. It’s estimated that every year, estates spend somewhere in the vicinity of $2 billion in the probate process. Thankfully, with proper estate planning, a person’s estate can avoid the probate process altogether. By establishing a trust and transferring all assets to the trust before the person passes away, the estate can avoid probate and the inheritance and the last wishes of the decedent can be carried out almost immediately after the person has passed away.
However, to have these trusts in place, whether it’s establishing a trust or establishing a trustee to manage the estate, requires the legal services that a person can find at the Wegmann Law Firm. It’s important to be prepared for the inevitable by making sure that your estate isn’t an overly taxed or that the inheritance you plan for your family members isn’t held up because of the probate process. To do this, you may want to Visit the Website for more information on how you set up your estate to avoid these inconveniences.
