CLA financial services is a company that specializes in conservative planning for seniors. Estate planning is one of those services and one that many seniors don't understand or want to discuss. There are many reasons for this reluctance - the natural human tendency to avoid thinking about their mortality is one of the biggest. But one of the most common reasons that seniors don't think about estate planning is that they think that estate planning is for the wealthy. While the wealthiest families and individuals are more likely to consider estate planning because they have more assets to protect and distribute; there are a number of important reasons that even those with modest estates should take the time to consider how their estates will be managed during their retirement and distributed upon their death. If you fit any of these five special circumstances, you should contact CLA financial services to find out how estate planning can benefit you.
Complexities of Probate Upon Death
If you have a Last Will and Testament, regardless of the size of your estate, your Will has to be probated not only in the county of your primary residence, but also in every county where you have real property. For those with minimal estates that are below a certain threshold, many states offer an expedited and/or simplified probate process. But for most, a formal probate proceeding will be required before any assets can be passed to your heirs.
The primary issue with probate is the time it can take before any assets can be distributed. First, the Will has to be submitted for probate. The judge will appoint an executor, usually someone identified in the will to act in such capacity. An accounting needs to be made of all the assets and, finally, the judge approves the distribution. While sometimes this can be a fairly quick process, other times it can take several years to finalize. Because of the formal steps involved in probating a Will, many folks engage an attorney to help them through the process. As such, there may be extra costs to your estate. While there are studies that show that the national average to probate a Will can range from 1% to 7% of the value of your assets, the truth is no one can predict what it will cost to probate a will.
This is also true if you die without a Will. This is called intestate and your assets will need to be probated. In the case, however, the distribution of your assets will be based on state statutes. While a Will also needs to be probated, it is a better alternative to dying intestate (without a will) as you have some control over how the assets will be distributed to your heirs.
There are estate planning options available which may reduce or eliminate probate altogether. At CLA Estate Services, we help you understand the options available to have a more time efficient and less costly way to distribute your assets to your heirs by giving you quality asset financial advice.
Complexities of Probate Upon Death
If you have a Last Will and Testament, regardless of the size of your estate, your Will has to be probated not only in the county of your primary residence, but also in every county where you have real property. For those with minimal estates that are below a certain threshold, many states offer an expedited and/or simplified probate process. But for most, a formal probate proceeding will be required before any assets can be passed to your heirs.
The primary issue with probate is the time it can take before any assets can be distributed. First, the Will has to be submitted for probate. The judge will appoint an executor, usually someone identified in the will to act in such capacity. An accounting needs to be made of all the assets and, finally, the judge approves the distribution. While sometimes this can be a fairly quick process, other times it can take several years to finalize. Because of the formal steps involved in probating a Will, many folks engage an attorney to help them through the process. As such, there may be extra costs to your estate. While there are studies that show that the national average to probate a Will can range from 1% to 7% of the value of your assets, the truth is no one can predict what it will cost to probate a will.
This is also true if you die without a Will. This is called intestate and your assets will need to be probated. In the case, however, the distribution of your assets will be based on state statutes. While a Will also needs to be probated, it is a better alternative to dying intestate (without a will) as you have some control over how the assets will be distributed to your heirs.
There are estate planning options available which may reduce or eliminate probate altogether. At CLA Estate Services, we help you understand the options available to have a more time efficient and less costly way to distribute your assets to your heirs by giving you quality asset financial advice.
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