-- Dying without a Will can cost as much as ten times more to finalize an estate, warned Estate Planning and Elder Law attorney Joseph Anthony Whitcomb this week.
For more information please visit https://www.whitcomblawpc.com
In an interview, the founder of Whitcomb, Selinsky, PC, said that when someone dies, a process called probate administration usually takes place, concluding with any assets and belongings being distributed to their chosen beneficiaries.
If someone leaves a Will, they name a personal representative tasked with managing the probate process. This includes settling outstanding debts, filing tax returns, and distributing assets. A personal representative may seek an estate planning or probate administration attorney to aid them through the legal journey.
However, if someone dies intestate – without leaving a Will – then the rules of intestate succession will determine how the assets are to be distributed, rather than the decedent determining how their assets are to be distributed. In addition, the Court will determine who will manage the probate administration. The Court’s decision may or may not be consistent with the decedent’s wishes as to who should manage the probate process.
Whitcomb said fees for probate attorneys and personal representatives vary depending on the level of complication associated with an estate. “However, these fees may increase substantially if a family member contests the Will and challenges how the assets are to be distributed.’’
“For instance, if your entire estate is worth over $600,000, your family could be looking at about $30,000 in probate fees, including attorney fees, court filing fees, and surety bond premiums before the Estate is settled. That’s why estate planning is advisable, as the costs involved will be much less than a family fighting it out in court for control of the estate assets,’’ Whitcomb advised.
“It has been estimated that probate can cost as much as 10 times more than having a well-thought-out estate plan with a Will.”
He concluded: “A Will directs and gives the family a clear idea of how the Estate should be distributed. Otherwise, probate costs can spiral and heighten stress and discord among family members who may well be more focused on fighting over the assets than grieving their loss. Better yet, clients should discuss alternative strategies that may help them avoid probate court altogether with a qualified Estate Planning attorney.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Joseph Anthony Whitcomb
Email: Send Email
Organization: Whitcomb, Selinsky, PC
Address: 300 Union Blvd., Suite 200, Lakewood, CO 80228
Phone: (303) 963-4008
Website: https://www.whitcomblawpc.com/
Release ID: 89147378
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